The Following Steps Are Taken During the Evaluation of the Audit

question 55

Multiple Choice

The following steps are taken during the evaluation of the audit findings:A:Making technical review of financial statements B:Making final review(s) of working papers
C:Making final assessment of materiality and audit risk
D:Formulating opinion and drafting audit report
E:Evaluating whether there is substantial doubt about the entity's ability to continue as a going concern
The order in which these steps should be performed is:

• A) ABCDE.
• B) CEADB.
• C) EDCAB.
• D) BAECD.
• E) ADCEB.

---

Definitions:

Correction Factor

An adjustment applied to calculations to take into account changing conditions or to improve accuracy.

Population

The entire group of individuals or items that are the subject of a statistical study.

Confidence Interval

A breadth of numerical ranges, derived from samples' statistical outputs, presumed to enclose an unknown population parameter value.

Significance

A statistical concept indicating the likelihood that an observed effect or relationship is not due to chance, often demonstrated by a p-value.