What Is the First Phase in an Audit

question 118

Multiple Choice

What is the first phase in an audit?

• A)Client acceptance or client continuance.
• B)Understanding the client.
• C)Understanding internal controls.
• D)Testing of account balances.

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Definitions:

Mining Operations

The process of extracting minerals or other geological materials from the earth.

Hydraulic Fracturing

A method of extracting underground resources such as oil and natural gas by injecting liquid at high pressure into subterranean rocks, boreholes, etc., to force open existing fissures and extract oil or gas.

Environmental Groups

Organizations dedicated to promoting environmental protection, conservation practices, and the sustainable management of natural resources.

Natural Gas

A fossil fuel formed from the remains of ancient marine organisms, used as a source of energy and raw materials.