During an Audit of a Major Metropolitan Museum, an Auditor

question 230

Multiple Choice

During an audit of a major metropolitan museum, an auditor was unable to locate selected items from the museum's collection. The director of the museum informed the auditor that the upcoming replacement of the museum's inventory tracking system would address the auditor's concerns. What follow-up activity should the auditor propose?

• A) Receive periodic feedback from museum staff regarding the status of the system implementation.
• B) Monitor the system implementation and schedule a follow-up review once the new system is in place.
• C) Determine whether the items are indeed missing and assess the ability of the new system to remedy the problem.
• D) Schedule an audit of the museum's security systems to determine if theft is a problem.

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Definitions:

Partner

In the context of business, a partner refers to a member of a partnership or firm who shares in the profits and losses and is jointly and severally liable for the partnership's debts.

Spain

A country located in southwestern Europe on the Iberian Peninsula, known for its rich history, culture, and contributions to art and science.

Full Dissolution

The complete termination or disbanding of an entity, such as a corporation, partnership, or marriage, often involving the dispersal of assets.

Provisional Dissolution

A temporary legal process that may precede the complete dissolution of an entity, subject to certain conditions being met.