Some audit procedures may be performed prior to the close of the year under audit.

Question

Quizplus · Accepted Answer

Certain audit procedures, such as obtaining an understanding of the entity and its internal controls, may be performed before the close of the year under audit. However, substantive procedures must be performed on transactions and balances up to the end of the year under audit to ensure completeness and accuracy of the financial statements.

Some Audit Procedures May Be Performed Prior to the Close