The timing of phase I audit procedures are typically:
A) before the balance sheet date.
B) on or after the balance sheet date.
C) anytime.
D) at the end of fieldwork.

Question

Quizplus · Accepted Answer

Phase I audit procedures are typically completed before the balance sheet date. This allows auditors to gather information and perform necessary tests of controls and substantive procedures in a timely manner, which can lead to more accurate financial statements.

The Timing of Phase I Audit Procedures Are Typically