Final answer:
The most likely answer is option 2. The most likely included in the current audit file is the details of primary accounting policies, as auditors need these to conduct their audit. Corporate governance documents like minutes of board meetings or correspondence with bankers are typically not part of the current audit file.
Step-by-step explanation:
The student has asked which item would most likely be included in the current file of the Bricksburg Manufacturing audit. The most likely answer is details of primary accounting policies. In any audit, the auditors need comprehensive knowledge of the company's primary accounting policies to perform their work effectively.
Minutes of the board of directors meetings are part of corporate governance documents, but they are not usually part of the current audit file, although they might be reviewed for any significant decisions that could affect the financial statements.
Similarly, while flowcharts of internal controls are essential for understanding the company’s internal control system, they are again a step before the actual auditing process. Finally, while correspondence with the client's bankers might be necessary for confirming account balances, it is not typically placed in the current audit file unless it relates to a transaction or event significant to the financial statements being audited.
To provide a real-world context, the failure of corporate governance as evidenced in the case of Lehman Brothers demonstrates the importance of accurate financial information and how an audit is supposed to ensure that what outside investors are seeing is indeed reasonable and reliable.