During the Initial Planning Phase of an Audit,a CPA Most

question 91

Multiple Choice

During the initial planning phase of an audit,a CPA most likely would

• A) Test specific internal control activities that are likely to prevent fraud.
• B) Evaluate the reasonableness of the client's accounting estimates of inventory obsolescence.
• C) Discuss the timing of the audit procedures with the client's management.
• D) Inquire of the client's attorney as to whether any unrecorded claims are probable of assertion.

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Definitions:

Closing

In business, refers to the final steps in completing a transaction or deal; in medicine, it can refer to the suturing or sealing of a wound or surgical incision.

Return-To-Work

A program or policy designed to help employees transition back to work after an illness, injury, or medical leave.

Medical Office

A workplace for healthcare professionals where patients receive outpatient medical services and consultations.

Correspondence

Communication or exchange of information, typically through letters or emails.