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- Introduction to Auditingauditing-mcqs › introduction-to-auditing
- Published
- 10 Jul 2017
- Last updated
- 28 May 2026
Who holds ownership of the working papers created by an auditor during a financial statement audit?
Multiple choice question for Introduction to Auditing. Select an option, then review the explanation below.
Explanation
Working papers prepared by the auditor serve as the auditor’s property, not the client's. While they provide evidence for audit conclusions, ownership remains with the auditor, and these documents are typically retained by the auditor even after the audit concludes.
More Introduction to Auditing MCQs
Practice related questions from the same subject.
- 1.What is typically included in the current file of an auditor's working papers?
- 2.Which statement accurately explains the ownership and custody rights concerning the working papers created by an auditor?
- 3.Which statement accurately describes the purpose of an auditor’s working papers?
- 4.Which factor is least likely to influence the amount and details documented in an auditor's working papers?
- 5.What is the minimum duration for which an audit firm should keep its audit working papers?