Chapter 5 Discusses the Essential Properties of Working Papers

question 3

Multiple Choice

Chapter 5 discusses the essential properties of working papers.With respect to data analytics,working papers should contain the following items except:

• A) work programs used to document the audit procedures to collect, manipulate, model, and evaluate data
• B) evidence, including data extracts, transformed data, and model output that provides support for the functioning controls and management assertions.
• C) superseded drafts of working papers or financial statements, notes that reflect incomplete or preliminary thinking, previous copies of documents corrected for typographical or other errors, and duplicates of documents.
• D) documentation about existing automated controls, including parameters and variables used for analysis

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Definitions:

High Levels

A generic term referring to a greater amount or intensity of a particular attribute, condition, or activity than usual or average.

Performance

The act or process of carrying out an action, task, or function, often evaluated in terms of effectiveness, efficiency, or achievement of objectives.

Independently

Independently means acting on one's own without influence, support, or control from others, often implying self-sufficiency or autonomy.

Critical Thinking

The objective analysis and evaluation of an issue in order to form a judgment.