At the Completion Stage of an Audit There Are a Number

question 10

Essay

At the completion stage of an audit there are a number of final review procedures which must be carried out prior to signing the audit report. In not more than 500 words explain these procedures and the reasons for them.

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Definitions:

Net Income

The total profit of a company after all expenses, including taxes and operational costs, have been subtracted from total revenue.

End-of-period Spreadsheet

A document or report prepared at the end of an accounting period that summarizes all accounts and their balances to ensure accuracy and completeness.

Working Capital

The variance between a firm's current assets and its current liabilities, showcasing the company's operational efficiency and short-term financial stability.

Current Liabilities

Obligations or debts that a company is expected to pay off within a year, such as accounts payable or short-term loans.