A staff member of the audit team, Andy Williams, has provided you with the attac

Question

A staff member of the audit team, Andy Williams, has provided you with the attached working paper for the lead schedule of accounts receivable for the audit of your client, Moon River Corporation, for the current year ending December 31, 20x3. You are reviewing the working paper to provide feedback to the staff auditor about the work performed. REQUIRED: Review the attached working paper and discuss the deficiencies, if any, in the preparation of this working paper. Provide a specific list that can be used by the staff auditor to make the appropriate corrections, if any, that need to be made.

Explanation / Answer

Audit working papers also called as audit documents are important part of audit work as it serves as an evidence which supports the auditor in making their conclusion and report on the financial statement of a company .

Audit papers are required to be kept safe by the auditors and should be prepared in such manner that it is understandable and also helps understand the analysis or calculation done by audit staff.

In the given example the audit working paper prepared by the audit staff is on Account Receivable,there are lots of shortcomings in this working paper that needs to be checked and corrected.The following should be part of the audit working paper:

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