After field work audit procedures are completed,a partner of the CPA firm who has not been involved in the audit performs a second or wrap-up review of the working papers.This second review usually focuses on
A) The audit report, financial statements, and footnotes for consistency.
B) Irregularities involving the client's management and its employees.
C) The materiality of the adjusting entries proposed by the audit staff.
D) The communication of internal control weaknesses to those charged with governance.

Question

Quizplus · Accepted Answer

The second or wrap-up review usually focuses on ensuring consistency in the audit report, financial statements, and footnotes. This review is important to ensure that the information presented accurately reflects the results of the audit. Choice B is incorrect as irregularities involving the client's management and employees should be addressed during the fieldwork phase of the audit. Choice C is incorrect as materiality of adjusting entries should have been considered during the fieldwork phase as well. Choice D is incorrect as communicating internal control weaknesses to those charged with governance is also typically done during the fieldwork phase.

After Field Work Audit Procedures Are Completed,a Partner of the CPA