After Fieldwork Audit Procedures Are Completed, a Partner of the CPA

question 383

Multiple Choice

After fieldwork audit procedures are completed, a partner of the CPA firm who has not been involved in the audit performs a second or wrap-up review of the audit documentation. This second review usually focuses on:

• A) The fair presentation of the financial statements in conformity with GAAP.
• B) Fraud involving the client's management and its employees.
• C) The materiality of the adjusting entries proposed by the audit staff.
• D) The communication of internal control weaknesses to those charged with governance.

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Definitions:

Happiness

A state of well-being and contentment characterized by positive emotions.

Material Goods

Physical items that are produced and can be purchased or sold, providing utility or satisfaction to the consumer.

Time

A continuous, measurable quantity in which events occur in a sequence from the past through the present to the future.

Emotions

Emotions are complex psychological states involving an organism's physiological response, subjective experience, and behavioral or expressive response to stimuli.