Which of the Following Are Areas Normally Covered During the Wrap-Up

question 58

Multiple Choice

Which of the following are areas normally covered during the wrap-up of an audit engagement?

• A) Perform subsequent events procedures.
• B) Consider the amount used for materiality.
• C) Reconsider the assessments of internal control at the entity level and the risk of fraud.
• D) All of the above.

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Definitions:

Long-Term Liabilities

Financial obligations of a company that are due beyond one year, including bonds payable, long-term loans, and lease obligations.

Correcting Entries

These are journal entries made to correct errors found in the accounting records.

Current Assets

Items of value that are forecasted to be cashed in, sold off, or expended over the span of one year or the duration of the operational cycle, whichever comes last.

Current Liabilities

Short-term financial obligations due within one year or within the entity's operating cycle if longer.