Question

the audit working paper that reflects the major components of an amount reported in the financial statement is the

Answer 1

The audit working paper that reflects the major components of an amount reported in the financial statement is the Lead Schedule.

What is the Lead Schedule?

• A working document known as a lead schedule lists the specific general ledger accounts that make up a line item in the financial statements.
• The sum for the related line item in a client's financial statements should match the number on the lead schedule.
• The general ledger (GL) accounts that are present in each financial statement line item and note disclosure are listed in a lead schedule.
• Each line item or group of related line items on the financial statement would typically have its lead schedule. The final balance in the financial statements and the sum on the lead schedule should match.
• The lead schedule gives a list of the contents of each line item. This is a useful starting place for your records.

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