Phase III of the Audit Primarily Relies on Which Type/s

question 21

Multiple Choice

Phase III of the audit primarily relies on which type/s of audit evidence?

• A) Physical examination
• B) Documentation
• C) Analytical procedures
• D) All of the above

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Definitions:

Reporting Entity

An entity that is required, or chooses, to prepare financial statements.

CEO

Chief Executive Officer, the highest-ranking person in a company or other institution, ultimately responsible for taking managerial decisions.

Share-based Payments

Transactions in which an entity acquires goods or services by offering its own equity instruments or incurring liabilities based on the price of its shares or other equity instruments.

Post-employment Benefits

Benefits, other than termination benefits, that are payable after completion of employment, typically after the employee retires; includes pensions, other retirement benefits, post-employment life insurance, and post-employment medical care.