Economics · Auditing Procedures
An auditor evaluates four specific procedures during an audit engagement: 1. Update documentation relating to the client's accounting systems prepared in prior year audits. 2. Obtain third-party confirmations relating to receivables, payables, and cash at bank. 3. Review the directors' assessment of whether the entity is a going concern and consider if the assumptions are reasonable. 4. Perform preliminary analytical procedures to identify major changes in the business or unexpected trends. Which of the following correctly classifies these procedures into interim and final audit phases?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Interim audit = 4 only; Final audit = 1, 2, and 3
- 2Interim audit = 1 and 2; Final audit = 3 and 4
- 3Interim audit = 2 and 3; Final audit = 1 and 4
- 4Interim audit = 1 and 4; Final audit = 2 and 3✓
Correct answer
Interim audit = 1 and 4; Final audit = 2 and 3
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