A Second-Partner Review of the Working Papers and Financial Statements

question 34

Multiple Choice

A second-partner review of the working papers and financial statements is performed to ensure that the ________.

• A)to-do lists are reviewed and cleared
• B)audit program procedures are signed off as evidence of completion
• C)tick-mark notations are cleared
• D)audit work meets the quality standards of the firm

---

Definitions:

Spending Variance

The difference between the actual amount spent and the budgeted amount for a period.

Employee Salaries and Wages

The payment made to employees for their services, either calculated hourly (wages) or over a fixed period (salaries).

Spending Variance

The difference between the actual amount spent and the budgeted amount for a particular period or category in financial management.

Customers Served

A metric indicating the number of customers a business has provided products or services to within a specific time period.