Task 1: 200 words with reference
Audit working papers are an integral part of an examination in accordance with generally accepted auditing standards.
a. Describe major functions of the audit working papers.
b. Distinguish between the permanent working paper file and the current working paper file.
Learning Resources:
Roger CPA Review Resources
AUD3: Understanding an Entity & Its Environment
3.01 The Entity & Its Environment
3.02 5 Components of Internal Control (CRIME)
3.03 Understanding the Internal Control Structure
3.04 IT Environment & Infrastructure
3.05 IT Risks & Controls
3.06 Business Processes: Revenue Cycle
3.07 Business Processes: Spending Cycle
3.08 Business Processes: Investing, Financing, Production & Conversion Cycles
3.09 Business Processes: Personnel & Payroll
3.10 Reliance on SOC 1 Reports