Which of the Following Items in Not Typically Documented in an Audit

question 61

Multiple Choice

Which of the following items in not typically documented in an audit planning memo?

• A) audit engagement objectives and deliverables
• B) the auditors' understanding of ICFR and IT systems
• C) planned use of the work of others during the audit
• D) results of the quarterly review process

---

Definitions:

Par Value

Par value refers to the nominal or face value of a bond, stock, or other financial instrument, indicating the amount that must be repaid at maturity.

Interest Rates

The cost of borrowing money or the return on invested capital, typically expressed as a percentage of the principal amount annually.

Maturity

Maturity is the date on which a financial obligation must be repaid or the final payment is due, marking the end of the obligation's life.

Annual Interest Payments

These are payments made to lenders or bondholders for the use of borrowed money, typically calculated annually based on the interest rate and principal amount.