At the conclusion of the audit, _______.
A)auditors typically revaluate materiality decisions made during the audit to ensure it is still appropriate based on the results of audit procedures
B)auditors typically attempt to contact the prior auditor
C)auditors may attempt to contact the client's legal counsel
D)auditors ask management for recommendations on any needed adjustments to the accounts

Question

Quizplus · Accepted Answer

Auditors typically reevaluate materiality decisions made during the audit to ensure it is still appropriate based on the results of audit procedures. This helps ensure that the financial statements are fairly presented and that any errors or discrepancies are identified and addressed. Option B, attempting to contact the prior auditor, may only occur if there is a change in auditors, while option C, attempting to contact legal counsel, may only occur if there are legal concerns related to the audit. Option D, asking management for recommendations on needed adjustments, is not a typical step in the concluding process and may compromise auditor independence.

At the Conclusion of the Audit, _______