New Auditor
Newly hired auditor Russell asks: Are there quantity requirements for audit work papers? Is it necessary to cover all areas such as revenue, expenses, fixed assets, and inventory? Based on audit standards and practical logic, this article analyzes the core ideas of the 'sufficient and appropriate' principle and risk-oriented auditing.
Hello! I am a new auditor. I had a general question about auditing: When auditing an entity, I guess there aren't requirements for HOW MUCH workpapers you need? Do you basically just get as much info and do as much testing as you have to, in order to get enough assurance? And also, are there rules for different areas you have to look at? Do you need to look at Revenues, Expenses, Fixed Assets, Inventory, etc. Or again, do you just get enough info and do enough testing for assurance? Thanks, Russell