At the Conclusion of the Audit, _______

question 35

Multiple Choice

At the conclusion of the audit, _______.

• A)auditors typically revaluate materiality decisions made during the audit to ensure it is still appropriate based on the results of audit procedures
• B)auditors typically attempt to contact the prior auditor
• C)auditors may attempt to contact the client's legal counsel
• D)auditors ask management for recommendations on any needed adjustments to the accounts

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Definitions:

Time Charge

A billing method where a service provider charges a client based on the amount of time spent on a particular task or project.

Time And Material Pricing

A pricing method where a project is billed based on the actual time spent and the materials used.

Body Shop

Typically refers to a repair shop specializing in the repair and finishing of automobile bodies.

Cost-Plus Pricing

A pricing strategy where the selling price is determined by adding a specific markup to a product's total cost.