Which of the Following Procedures Would a CPA Most Likely

question 331

Multiple Choice

Which of the following procedures would a CPA most likely perform in the planning stage of a financial statement audit?

• A) Obtain representations from management regarding the availability of all financial records.
• B) Communicate with those charged with governance concerning the prior year's audit adjustments.
• C) Make inquiries of the client's attorney regarding pending and threatened litigation and assessments.
• D) Compare recorded financial information with anticipated results from budgets and forecasts.

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Definitions:

Succession Management

The process of identifying and developing potential future leaders or senior managers to fill key positions within an organization.

Employee Value Proposition

A unique set of benefits and rewards offered by an employer to attract, retain, and engage employees.

Brand Positioning

The strategy of creating a unique impression in the customer's mind so that they perceive your brand distinctively in comparison to competitors.

Succession Planning

A strategy for identifying and developing new leaders who can replace old leaders when they leave, retire or pass away.