Question

The working papers which auditor prepares for auditor's financial statements are ______________.

• A. evidence for audit conclusions
• B. owned by the client
• C. owned by the auditor
• D. retained in auditor's office until a change in auditors

Answer 1

The correct option is C owned by the auditor

Audit of accounts is done by the certified auditors. During the course of audit lot many working papers are prepared by the auditors. After completing the audit, an Audit Report is submitted by the auditors to the management.

All working files/papers are the property of auditors and to be kept by them only.