Which of the Following Documentation Is Required for an Audit

question 790

Multiple Choice

Which of the following documentation is required for an audit in accordance with generally accepted auditing standards?

• A) A flowchart or an internal control questionnaire that evaluates the effectiveness of the entity's internal control.
• B) A management representation letter that summarizes the timing and details of the auditor's planned fieldwork.
• C) An indication in the audit documentation that the accounting records agree or reconcile with the financial statements.
• D) A list of the procedures performed and the findings obtained.

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Definitions:

Silence

The absence of sound or the state of saying nothing, often used as a communication or negotiation strategy.

Acceptance

In contract law, it refers to the agreement of the offeree to the terms of the offer, creating a binding contract.

Circumstances

The conditions or facts affecting a situation, event, or action, which can influence the outcome or how it is perceived.

Reasonably Definite Terms

A requirement for enforceable contracts specifying that terms must be clear enough for the contracting parties to understand their obligations.