With Respect to the Auditor's Planning of a Year-End Audit

question 42

Multiple Choice

With respect to the auditor's planning of a year-end audit, which of the following statements is always true?

• A) An engagement should not be accepted after the fiscal year-end.
• B) An inventory count must be observed at the balance sheet date.
• C) The client's audit committee should not be told of any specific audit procedures which will be performed.
• D) It is an acceptable practice to carry out parts of the examination at interim dates.

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Definitions:

Workplace Substance Abuse

The misuse of legal or illegal substances by employees in a way that affects their work performance or the safety of the workplace.

Performance Declined

A decrease or deterioration in the execution or outcome of work or duties, often measured against preset standards or expectations.

Performance Appraisal

The periodic review and assessment of an individual's job performance and overall contribution to a company by managers or supervisors.

Traditional Unstructured

Describes an approach or method that relies on informal, flexible, and often improvised procedures rather than fixed rules or formats.