The Permanent Files Included as Part of Audit Documentation Do

question 27

Multiple Choice

The permanent files included as part of audit documentation do not normally include

• A) a copy of the current and prior years' audit programs.
• B) copies of articles of incorporation, bylaws and contracts.
• C) information related to the understanding of internal control.
• D) results of analytical procedures from prior years.

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Definitions:

More Than Doubled

"More than doubled" describes a scenario where an amount or value increases by more than 100% of its original value.

CPI

The CPI (Consumer Price Index) is a metric that tracks the average fluctuation in prices that urban consumers experience for a selection of consumer goods and services over time.

Base Year

A specific year against which economic or financial data is measured and compared to track growth, inflation, or other economic indicators.

Cyclical Unemployment

A type of unemployment that relates to the cyclic trends in the economy over time, often tied to changes in the business cycle.