If the auditor is performing substantive tests at an interim date, _______.
A)the auditor need not perform any more tests through the financial statement date
B)the auditor must perform steps to update their conclusion to the date of the financial statements
C)the internal audit function should be advised to complete any further testing deemed necessary
D)the client should not be billed for this work in case it needs to be repeated at the financial statement date

Question

Quizplus · Accepted Answer

When performing substantive tests at an interim date, the auditor must perform steps to update their conclusion to the date of the financial statements. This is necessary to ensure that their tests remain relevant and accurate to the financial position at the end of the reporting period. Therefore, option B is the correct choice. Option A and D are incorrect because additional testing may be required after the interim date. Option C is also incorrect because the responsibility of the audit testing lies with the external auditor, not the internal audit function.

If the Auditor Is Performing Substantive Tests at an Interim