The Auditor Should Complete the Assembly of the Final Audit

question 31

Multiple Choice

The auditor should complete the assembly of the final audit file within 45 days of the report release date (60 days for private companies) .After the 45/60 day time period

• A)the auditor should not delete or discard any information from the file
• B)new information can be added if necessary if accompanied by an explanation for the addition
• C)new information can be added if necessary if accompanied by management's approval for adding the information
• D)new information can be added if necessary if accompanied by the reissuance of the audit report
• E)new information can be added if necessary if the information was inadvertently omitted during the course of the audit
• F)both A and B
• G)both A and D

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Definitions:

Ethical Issues

Moral challenges faced by individuals or organizations, pertaining to what is right or wrong in conduct, often necessitating careful consideration and decision-making.

Value Judgments

Assessments based on personal values, beliefs, or priorities rather than objective criteria.

Decision Making

The cognitive process of selecting a course of action from multiple alternatives, often involving some form of judgement or deliberation.

Floating

The state of being buoyant or suspended within a medium, or a financial strategy involving the use of floating interest rates.