The Auditor Should Complete the Assembly of the Final Audit

question 67

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 management's approval for the addition
• C)new information can be added if necessary if accompanied by the name of the person 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 C
• G)both A and E

---

Definitions:

Unemployment

The situation when individuals who are capable of working and willing to work are unable to find employment.

Long-run Phillips Curve

An economic concept stating that in the long run, there is no trade-off between inflation and unemployment; the curve is vertical at the natural rate of unemployment.

Inflation

How rapidly the across-the-board prices of goods and services increase, impairing fiscal buying ability.

Unemployment

Unemployment occurs when individuals who are capable of working and are looking for a job are unable to find employment. It is a key economic indicator.