This Phase of Auditing Occurs When the Auditors Evaluate All

question 96

Multiple Choice

This phase of auditing occurs when the auditors evaluate all the evidence that has been accumulated and makes a conclusion based on that evidence.

• A)Tests of controls
• B)Audit planning
• C)Audit completion / reporting
• D)Substantive testing

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Definitions:

Net Carrying Amount

The value at which an asset is recognized on the balance sheet after deducting accumulated depreciation and impairment losses.

Impairment Loss

A loss recognized in the financial statements when the carrying amount of an asset exceeds its recoverable amount.

Cost Model

An accounting approach that measures an asset based on its historical cost minus any accumulated depreciation and impairment losses.