Once Auditors Have Gathered Sufficient Appropriate Audit Evidence, Evaluated Uncorrected

question 55

Multiple Choice

Once auditors have gathered sufficient appropriate audit evidence, evaluated uncorrected misstatements, and completed the required communications with those charged with governance _______.

• A)the final step is to prepare and issue the independent auditor's report
• B)the final step is to confer with the client's legal counsel
• C)the audit report should be sent to the internal audit function for review
• D)the report should be sent to the SEC for modification and approval

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Definitions:

Leap Years

Years that are divisible by 4 (and if it's a century year, it must be divisible by 400), adding an extra day, February 29, to the calendar to keep it synchronized with Earth's orbit around the Sun.

Leap Years

Years that are divisible by 4 (with the exception of years divisible by 100 but not by 400), and include an additional day in February.

Interest Computation

The process of calculating the interest payable on a loan or earned on an investment, based on the principal, rate, and time.

Maturity Date

The date on which a financial obligation must be repaid or settled in full.