Which of the following is a tool that is best used by the audit team to determine if the client has included all disclosures?
A)Management representation letter.
B)GAAS.
C)Inquiry of the CFO.
D)Checklists.

Question

Quizplus · Accepted Answer

Checklists are the best tool for the audit team to determine if the client has included all disclosures. Checklists provide a comprehensive list of required disclosures and help auditors to ensure that all relevant information has been disclosed in the financial statements. Management representation letter, GAAS, and inquiry of the CFO may provide information about the financial statements but are not as effective in ensuring that all disclosures have been included.

Which of the Following Is a Tool That Is Best