Audit tests performed in earlier audit phases often provide sufficient appropriate evidence about contingent liabilities and subsequent events.

Question

Quizplus · Accepted Answer

Audit tests performed in earlier phases primarily focus on the transactions and balances up to the balance sheet date. Contingent liabilities and subsequent events require specific attention and procedures after the balance sheet date to identify and evaluate events that may affect the financial statements.

Audit Tests Performed in Earlier Audit Phases Often Provide Sufficient