In the performance of audit procedures there is a preference by auditors to focus on changes in account balances during the year if the opening balances were audited the previous year.

Question

Quizplus · Accepted Answer

Auditing changes in account balances during the year is a common practice for auditors when the opening balances were audited in the previous year. This approach helps auditors identify any significant changes or discrepancies in the account balances that may require further investigation. Therefore, the statement is true.

In the Performance of Audit Procedures There Is a Preference