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:

Economic Value Added

A measure of a company’s financial performance that calculates the value created beyond the required return of the company’s shareholders.

Dollar Value

Dollar Value is the monetary worth or market value of something expressed in terms of US dollars.

Current Ratio

Current ratio is a liquidity ratio that measures a company's ability to pay short-term obligations or those due within one year.

Financial Statements

Formal records of the financial activities and position of a business, person, or other entity, typically including the balance sheet, income statement, and statements of cash flows.