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The auditor prepares the report after taking into account the provisions of the Companies Act, the accounting standards and auditing standards. Also, he lays the report before the company in the annual general meeting.
The auditor should prepare and maintain working papers, the form and content of which should be designed to meet the circumstances of a particular engagement.
Steps for conducting a financial audit Understand your goals. ... Decide what to include in your audit. ... Gather and organise your materials. ... Begin data analysis. ... Consider financial security. ... Examine tax reporting status. ... Compile a report.
Ing to Arnold W. Johnson, '' Audit working papers are the written private materials, which an auditor prepares for each audit.
Audit working papers are the property of the auditor. In order to keep professional ethic, it cannot reveal to third parties without client consent unless limited specified situations mentioned in ISA 230 Documentation and required by law, the examples are court order, for public interest and so on.
Audit working papers are the documents prepared by auditors during an audit engagement. These papers contain the evidence obtained and the procedures followed by the auditors in performing their work. Its purpose is to record the audit process and provide a basis for the auditor's conclusions and opinions.
A statutory audit is a legally required review of the accuracy of a company's or government's financial statements and records. The term statutory denotes that the audit is required by statute. Being subject to a statutory audit is not an inherent sign of wrongdoing.