Which of the following is not an element of the examination of prospective financial statements?
A) evaluating the preparation of the prospective financial statements
B) understanding internal controls
C) evaluating the support underlying the assumptions
D) issuing an examination report

Question

Quizplus · Accepted Answer

While understanding internal controls is an important component of an audit, it is not a specific element of the examination of prospective financial statements. The other options (evaluating the preparation of the statements, evaluating the support for assumptions, and issuing an examination report) are all key components of this process.

Which of the Following Is Not an Element of the Examination