The Final Phase of an Audit Includwhich of the Following

question 40

Multiple Choice

The final phase of an audit includwhich of the following?

• A) performing substantive tests of account balances
• B) gaining an understanding of the client's internal control system
• C) confirming the terms of the audit engagement with the auditor
• D) determining whether the audit evidence obtained is sufficient and appropriate to reduce the risk of material misstatements in the financial statements to an acceptably low level

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Definitions:

Derivatives Market

A market where financial instruments derived from other assets are bought and sold.

Stock Exchanges

Marketplaces where stocks and other securities are bought and sold, functioning as a platform for companies to raise capital and for investors to trade.

NASDAQ

An international e-marketplace dedicated to the buying and selling of securities, which also acts as the benchmark for U.S. tech stocks.

NYSE

New York Stock Exchange; a leading global stock exchange where shares of public companies are bought and sold.