Which One of the Following Steps Is NOT Performed at the Completion

question 46

Multiple Choice

Which one of the following steps is NOT performed at the completion phase of an audit?

• A) final review of the auditor's working papers
• B) review for contingent liabilities
• C) final adjustments to the audit program
• D) review for subsequent events

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Definitions:

Work in Process-Assembly Department

Inventory account that tracks the cost of partially completed goods that are still in the production process in the assembly department.

Equivalent Unit

A concept used in cost accounting to represent a portion of work done on a product, quantified in terms of fully completed units.

First-In, First-Out

An accounting method where the first items added to inventory are the first ones to be sold or removed, particularly relevant for cost calculation.

Equivalent Units

A concept used in process costing that represents the portion of finished units that would have been completed given the work done on incomplete units.