What Client Information Is Needed by Auditors in Creating Lead

question 23

Multiple Choice

What client information is needed by auditors in creating lead schedules?

• A) Interim statements prepared by the client for the company's 3rd quarter financial results.
• B) General ledger information, including unadjusted ending balances and beginning balances for accounts.
• C) A schedule of adjusting entries made by the client for all balance sheet accounts.
• D) Detailed transaction information that may explain the changes in balance sheet accounts for the current year under audit.

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Definitions:

Translation

Synthesis of polypeptide chains at the ribosome in response to information contained in mRNA molecules.

Protein Synthesis

The process by which cells build proteins based on the instructions encoded in DNA, involving transcription and translation.

mRNA

Messenger RNA, a type of RNA that conveys genetic information from DNA to the ribosome, where it specifies the amino acid sequence of the protein products of gene expression.

DNA

DNA, a molecule responsible for carrying the genetic blueprints essential for the growth, development, operational processes, and reproduction of all recognized living entities and numerous viruses.