The review of interim financial information should ideally take place ________.
A)at or near year-end
B)just after the cutoff date
C)at or near the date of the interim information
D)six months into the fiscal year

Question

Quizplus · Accepted Answer

The review of interim financial information should ideally take place at or near the date of the interim information to provide the most relevant and timely feedback to management about the accuracy and completeness of the financial statements. Reviewing the financial information at or near year-end or six months into the fiscal year may not provide current and relevant feedback. Reviewing just after the cutoff date may also not provide a complete picture of the interim financial information.

The Review of Interim Financial Information Should Ideally Take Place