After fieldwork audit procedures are completed,a partner of the CPA firm who has not been involved in the audit performs a second or wrap-up review of the working papers.This second review usually focuses on
A) the audit report, financial statements, and footnotes for consistency.
B) irregularities involving the entity's management and its employees.
C) the materiality of the adjusting entries proposed by the audit staff.
D) the communication of internal control weaknesses to those charged with governance.

Question

Quizplus · Accepted Answer

The second or wrap-up review by a partner of the CPA firm who has not been involved in the audit is primarily focused on ensuring that the financial statements, footnotes, and audit report are consistent with the information in the working papers. This review helps to ensure that the audit was conducted in accordance with professional standards and that the audit report is appropriate. While other areas may be reviewed as well, such as significant matters or materiality of proposed adjustments, they are not the primary focus of the wrap-up review.

After Fieldwork Audit Procedures Are Completed,a Partner of the CPA