During the Initial Planning Phase of an Audit, a CPA

question 18

Multiple Choice

During the initial planning phase of an audit, a CPA most likely would:

• A)test specific internal control activities that are likely to prevent fraud.
• B)evaluate the reasonableness of the client's accounting estimates of inventory obsolescence.
• C)discuss the timing of the audit procedures with the client's management.
• D)inquire of the client's attorney as to whether any unrecorded claims are probable of assertion.

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Definitions:

Status Differences

The variations in the social, professional, or other forms of standing among individuals or groups within a society or organization.

Collaborative Website

A website designed for multiple users to work together, contributing content or participating in discussions.

Wiki

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The process of leading, coordinating, and managing teams that are distributed geographically and work through electronic means and telecommunication.