STATEMENT 1: Audit working papers are the documents accumulated by the auditor showing ti procedures performed, audit testing applied, information obtained, and conclusions reached. STATEMENT 2: Audit working papers aid the auditor in the conduct and supervision of the aud engagement. A. Only Statement 1 is incorrect B. Only Statement 1 is correct C. Both statements are incorrect D. Both statements are correct
STATEMENT 1: Audit working papers are the documents accumulated by the auditor showing ti procedures performed, audit testing applied, information obtained, and conclusions reached. STATEMENT 2: Audit working papers aid the auditor in the conduct and supervision of the aud engagement. A. Only Statement 1 is incorrect B. Only Statement 1 is correct C. Both statements are incorrect D. Both statements are correct
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:STATEMENT 1: Audit working papers are the documents accumulated by the auditor showing the
procedures performed, audit testing applied, information obtained, and conclusions reached.
STATEMENT 2: Audit working papers aid the auditor in the conduct and supervision of the audit
engagement.
A. Only Statement 1 is incorrect
B. Only Statement 1 is correct
C. Both statements are incorrect
D. Both statements are correct
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