Which of the following processes is associated with the reporting phase?
A)Conclusions are drawn when testing the client's controls.
B)Decisions are made about extent and timing of detailed testing of account balances.
C)Risk assessment procedures are performed to ensure appropriate attention is paid to transactions.
D)Factors are identified that may impact the risk of a material misstatement.

Question

Quizplus · Accepted Answer

The reporting phase is the last phase in the audit process, during which the auditor prepares and issues an audit report that summarizes the findings of the audit. In this phase, conclusions are drawn based on the testing of the client's controls, and the auditor determines whether there are any material misstatements in the financial statements. This leads to the ultimate decision on whether the financial statements can be issued with an unqualified opinion or if any qualifications or disclosures are necessary. B, C, and D are associated with the planning and execution phases of the audit process.

Which of the Following Processes Is Associated with the Reporting