Which of the following is an accurate statement regarding the four phases of the audit process?
A) After the planning stage, the auditor should have a well-defined audit strategy and plan and a specific audit program for the entire audit.
B) The objective of phase III is to perform tests of controls.
C) During phase II, the auditor must evaluate the going-concern assumption.
D) All of the above are correct statements.

Question

Quizplus · Accepted Answer

After the planning stage, the auditor should have a well-defined audit strategy and plan and a specific audit program for the entire audit. This is a correct statement.

Option B is incorrect as the objective of phase III is to perform substantive procedures, not tests of controls.

Option C is incorrect as evaluating the going-concern assumption is a part of phase IV, not phase II.

Therefore, option A is the only accurate statement.

Which of the Following Is an Accurate Statement Regarding the Four