Key CoPlans to Present Comparative Financial Statements for the Years Ended

question 59

Multiple Choice

Key Co.plans to present comparative financial statements for the years ended December 31,2012 and 2013,respectively.Smith,CPA,audited Key's financial statements for both years and plans to report on the comparative financial statements on May 1,2014.Key's current management team was not present until January 1,2013.What period of time should be covered by Key's management representation letter?

• A) January 1, 2012 through December 31, 2013.
• B) January 1, 2012 through May 1, 2014.
• C) January 1, 2013 through December 31, 2013.
• D) January 1, 2013 through May 1, 2014.

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Definitions:

Change Process

An approach or series of steps undertaken to move an organization or individual from its current state to a desired future state.

Process Goals

Refers to objectives focused on improving the efficiency or effectiveness of specific processes in an organization.

Organisational Development

A planned, systemic approach to improving an organization's effectiveness, health, and capacity for change through interventions in its processes, operations, and culture.

Work Design

The process of defining roles, responsibilities, and processes to ensure job satisfaction, efficiency, and productivity among employees.