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:

Discharged

A term used in legal and financial contexts referring to the release or extinguishment of an obligation or debt.

Gap Creditor

A creditor who holds a claim against a debtor that is not secured by collateral and does not qualify for priority status in bankruptcy proceedings.

Back Taxes

Taxes that have been unpaid in the year they were due, often subject to penalties and interest.

Unpaid Wages

Compensation owed to employees for work performed that has not been paid by the employer, often leading to legal disputes.