Which of the Following Is NOT One of the Four

question 16

Multiple Choice

Which of the following is NOT one of the four phases in the audit process?

• A) Plan and design an audit approach.
• B) Test controls and transactions.
• C) Complete the audit and issue the report.
• D) Inform client of any adjustments or corrections to be made to the financial statements.

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Definitions:

Treaty

A formal and binding agreement between sovereign states or international entities, often in written form, pertaining to international law.

Lease

A contract by which one party conveys land, property, services, or goods to another for a specified time, usually in return for a regular payment.

Consideration

The value (such as money, a promise, or a service) exchanged between parties in a contract, making the agreement legally binding.

Right to Possession

The legal authority to control or occupy a piece of property, either by ownership or by lease.