When Preparing and Organizing Audit Files

question 122

Multiple Choice

When preparing and organizing audit files,

• A)the rules established by the SEC and PCAOB must be followed.
• B)a lead schedule contains the detailed accounts from the general ledger making up the line item on the trial balance.
• C)a working trial balance is considered part of the permanent file.
• D)the audit program is not part of the audit files.

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Definitions:

Teams Competency

The collective skills, abilities, and knowledge that enable a group of individuals to collaborate effectively towards common objectives.

Team Approach

A method in which individuals work collaboratively towards a common goal, maximizing each member's strengths and compensating for weaknesses.

Type of Team

Refers to the various group structures within an organization, categorized based on their purpose, such as project teams, operational teams, or virtual teams.

Teams Competency

The skills and abilities that enable a team to perform effectively, including communication, collaboration, and problem-solving.