During final review of working papers and financial statements,possible oversights in the audit can be identified by
A)the partner's knowledge of the client's business combined with effective analytical procedures.
B)conducting a closing interview with management of the client.
C)conducting a meeting with the audit team.
D)reviewing the minutes from the board meetings.

Question

Quizplus · Accepted Answer

The partner's knowledge of the client's business combined with effective analytical procedures is the best choice for identifying possible oversights during the final review of working papers and financial statements. This is because the partner's knowledge of the client's business can help them identify any irregularities or inconsistencies in the financial statements, while analytical procedures can help them identify any unexpected fluctuations or trends. Conducting a closing interview with management or a meeting with the audit team or reviewing the minutes from board meetings may also help identify oversights, but they are not as effective as relying on the partner's knowledge and analytical procedures.

During Final Review of Working Papers and Financial Statements,possible Oversights