After Fieldwork Audit Procedures Are Completed for a Public Company

question 75

Multiple Choice

After fieldwork audit procedures are completed for a public company and private company whose financial statements are expected to be widely distributed, a partner of the CPA firm who has not been involved in the audit performs an engagement quality review of the working papers. This review focuses on:

• A)an evaluation of the significant judgments made by the engagement teams and the conclusions reached in formulating the audit report.
• B)irregularities involving the entity's management and its employees.
• C)the materiality of the adjusting entries proposed by the audit staff.
• D)the communication of internal control weaknesses to those charged with governance.

---

Definitions:

Indexed Property

A property in computer programming that allows accessing elements by an index, similar to an array.

Currency

A medium of exchange, such as paper bills and coins, used to facilitate the transfer of goods and services.

Percent

A numerical value or ratio expressed as a fraction of 100, commonly used to describe proportions or comparisons between quantities.

Long Text

In database management, long text (also known as text or memo fields in some databases) refers to a data type that can store a large amount of text, capable of holding more characters than standard text fields.