Syed Hussein, the partner on the Rimouski Copper audit called a meeting of his senior staff during the engagement wrap-up. Which of the following areas would be the least likely to be covered during the wrap up?
A) consideration of the amount used for materiality
B) removal of all unnecessary documentation from the engagement files
C) performing analytical procedures on the adjusted financial statements
D) preparation of budgets for the following year's audit

Question

Quizplus · Accepted Answer

The preparation of budgets for the following year's audit is not typically covered during the wrap-up of an engagement as it is a separate planning process that occurs prior to the start of the next year's audit. The other three areas listed are commonly reviewed and discussed during the wrap-up.

Syed Hussein, the Partner on the Rimouski Copper Audit Called