Review and Approval of Audit Programs by the Engagement Partner

question 26

Multiple Choice

Review and approval of audit programs by the engagement partner is a characteristic of which of the six objectives of quality control?

• A) professional development
• B) leadership responsibilities
• C) engagement performance
• D) monitoring

---

Definitions:

Physical Count

The process of counting the actual inventory on hand at a given time, typically used for verifying the accuracy of inventory records.

Rising Costs

An economic situation where the prices of goods, services, or factors of production increase over time.

FIFO Method

"First In, First Out," an inventory valuation method where goods purchased or produced first are sold or consumed first.

Inventory Costing Methods

The techniques used to value and account for inventory, including first-in-first-out (FIFO), last-in-first-out (LIFO), and weighted average cost methods.