Mostafa Torabi, the partner on the Torabi, Jimenez LLP audit called a meeting of his senior staff during the engagement wrap-up. Which of the following areas would be the least likely to be covered during the wrap up?
A) consideration of the amount used for materiality
B) removal of all unnecessary documentation from the engagement files
C) performing analytical procedures on the adjusted financial statements
D) preparation of budgets for the following year's audit

Question

Quizplus · Accepted Answer

The least likely area to be covered during the engagement wrap-up would be the preparation of budgets for the following year's audit, as this would typically be done after the current engagement has been completed and any necessary adjustments have been made based on the current year's results. A, B, and C are all areas that would typically be addressed during the wrap-up process.

Mostafa Torabi, the Partner on the Torabi, Jimenez LLP Audit