Audit firms use time budgets for
A) indicating the amount of time expected for the various levels of auditors for each audit area.
B) tracking and reporting time spent on each audit area.
C) billing and bidding and future engagements.
D) All of the above.

Question

Quizplus · Accepted Answer

Time budgets are used for indicating the expected amount of time for each auditor in every audit area, tracking and reporting the time spent on each audit area, and billing, bidding and obtaining future engagements. Therefore, the correct option is D, which stands for "All of the above."

Audit Firms Use Time Budgets for