Skip to content

CS Professional · Internal and Forensic Audit · Internal Audit Tools and Techniques

At Ganga Foods Ltd, a team member asks who owns the working papers prepared during an internal audit performed by an outsourced firm for the company. Which statement reflects the generally accepted position taught for internal audit?

Working papers are generally the property of the internal audit function or firm, with access and release controlled by the engagement terms and confidentiality duties. They do not belong to auditees or to a signing individual, and they cannot be shared freely.

  1. AWorking papers are generally the property of the internal audit function or firm, with access governed by the engagement terms and confidentialityCorrect
  2. BWorking papers belong to whichever auditor signs first
  3. CWorking papers belong to the vendors whose records were examined
  4. DWorking papers have no owner and can be shared freely

Explanation

Working papers are generally the property of the internal audit function or firm, but access and release are controlled by engagement terms, management approval and confidentiality obligations. They are not freely shareable and do not belong to auditees.

Did you get it right without looking?

One question tells you little. A timed set on Internal Audit Tools and Techniques shows your real accuracy, how long you take and where you lose marks.

Practise Internal Audit Tools and TechniquesFree diagnostic mock

More Internal Audit Tools and Techniques questions