STATEMENT 1: it would be very inefficient if copies of all the documents examined are to be included in the working paper. STATEMENT 2: In an audit engagement, the tedious job of accumulating working papers is delegated to the staff auditors.

STATEMENT 1: it would be very inefficient if copies of all the documents examined are to be included in the working paper. STATEMENT 2: In an audit engagement, the tedious job of accumulating working papers is delegated to the staff auditors.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

**Statement 1:** It would be very inefficient if copies of all the documents examined are to be included in the working paper.

**Statement 2:** In an audit engagement, the tedious job of accumulating working papers is delegated to the staff auditors.

**Options:**

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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