The Final Phase of the Audit Involves _______

question 91

Multiple Choice

The final phase of the audit involves _______.

• A)drawing conclusions based upon the evidence gathered and arriving at an opinion about the fair presentation of the financial statements
• B)detailed testing of internal controls, transactions, account balances, and disclosures the auditors have determined to be at high risk of material misstatement
• C)planning the audit by assessing risk to reduce audit risk to an acceptably low level
• D)gaining an understanding of the client and identifying factors that may impact the risk of a material misstatement occurring in the financial statements

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Definitions:

Sigmund Freud

A reiteration of Freud, known for his development of the foundational theories and techniques of psychoanalysis, including the concepts of the unconscious mind, defense mechanisms, and the structure of personality.

Bruised Ego

Emotional discomfort or distress caused by an event that negatively affects one's self-esteem or pride.

Erogenous Zones

Specific areas of the body that experience heightened sensitivity and can generate a sexual response when stimulated.

Pleasure-Seeking Energies

The drive towards activities or experiences that provide a sense of satisfaction, enjoyment, or pleasure.