The following steps are taken during the evaluation of the audit findings:A:Making technical review of financial statements B:Making final review(s) of working papers
C:Making final assessment of materiality and audit risk
D:Formulating opinion and drafting audit report
E:Evaluating whether there is substantial doubt about the entity's ability to continue as a going concern
The order in which these steps should be performed is:
A) ABCDE.
B) CEADB.
C) EDCAB.
D) BAECD.
E) ADCEB.

Question

Quizplus · Accepted Answer

The correct order is: B) Making final review(s) of working papers, A) Making technical review of financial statements, E) Evaluating whether there is substantial doubt about the entity's ability to continue as a going concern, C) Making final assessment of materiality and audit risk, D) Formulating opinion and drafting audit report.

The Following Steps Are Taken During the Evaluation of the Audit