Question

The primary purpose of an internal auditor's working papers is to?

1) Provide documentation of the planning and execution of engagement procedures performed.
2) Serve as a means with which to prepare the financial statements.
3) Document weaknesses in internal control with recommendations to management for improvement.
4) Comply with the Standards.

Answer 1

The primary purpose of an internal auditor's working papers is to provide documentation of the planning and execution of engagement procedures performed.

Step-by-step explanation:

The primary purpose of an internal auditor's working papers is to provide documentation of the planning and execution of engagement procedures performed. These working papers serve as a detailed record of the auditor's work, including the steps taken and the evidence obtained during an audit engagement. Auditors use these papers to support their findings and conclusions.

While working papers may also contain weaknesses in internal control with recommendations to management for improvement, their main purpose is to document the audit process objectively. This documentation is essential for compliance with auditing standards and regulations.

On the other hand, working papers do not directly serve as a means with which to prepare the financial statements. The financial statements are prepared separately by the organization's management or their designated accounting professionals.