Which of the Following Auditing Procedures Is Ordinarily Performed Last

question 56

Multiple Choice

Which of the following auditing procedures is ordinarily performed last?

• A)Confirming accounts payable.
• B)Testing the purchasing function.
• C)Reading the minutes of directors' meetings for evidence of authorization of acquisition of fixed assets.
• D)Obtaining a management representation letter.

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Definitions:

Unilateral Mistake

A situation in contract law where only one party holds an incorrect belief about a basic assumption on which a contract is based, potentially affecting the enforceability of the contract.

Mutual Mistake

A situation in a contract where all parties involved have a common but erroneous belief regarding a vital fact about the contract terms.

Valid Contract

An agreement that meets all legal requirements, including offer, acceptance, consideration, and the intention to create a legal relationship, thereby enforceable by law.

Courts

Institutions that administer justice through the interpretation and application of laws.