Which of the following are areas normally covered during the wrap-up of an audit engagement?
A) Perform subsequent events procedures.
B) Consider the amount used for materiality.
C) Reconsider the assessments of internal control at the entity level and the risk of fraud.
D) All of the above.

Question

Quizplus · Accepted Answer

All of the above areas are normally covered during the wrap-up of an audit engagement. Performing subsequent events procedures ensures that any material events occurring after the balance sheet date are appropriately reflected in the financial statements. Considering the amount used for materiality ensures that the audit team has applied a consistent and appropriate threshold for assessing whether misstatements in the financial statements are material. Finally, reconsidering the assessments of internal control at the entity level and the risk of fraud ensures that the audit team remains aware of any changes or emerging risks that may impact the accuracy and completeness of the financial statements.

Which of the Following Are Areas Normally Covered During the Wrap-Up