The Date on Which No Information May Be Deleted from Audit

question 29

Multiple Choice

The date on which no information may be deleted from audit documentation is the

• A)Client's year-end.
• B)Documentation completion date.
• C)Last date of significant fieldwork.
• D)All of these are incorrect in that no information may ever be deleted from audit documentation.

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Definitions:

Equilibrium Point

A state in which market supply and demand balance each other, and as a result, prices become stable.

Endowment Effect

A psychological and behavioral economics phenomenon where individuals value an owned object higher than a similar object they do not own.

Item Value

The worth or usefulness of a specific good or service, often determined by factors like utility, demand, and rarity.

Ownership

The legal right or status of having control over something, typically property or goods.