In an audit with a December 31 year-end, the audit needs to only examine supporting documentation for disbursements paid through January 31 of the following month.

Question

Quizplus · Accepted Answer

In an audit with a December 31 year-end, the audit needs to examine supporting documentation for all disbursements made during the fiscal year, which includes the month of January. Therefore, the statement is false.

In an Audit with a December 31 Year-End, the Audit