Some substantive procedures can only be performed at year-end _______.
A)due to management not allowing the auditors access beforehand
B)because there have been no transactions occurring in these accounts during the year
C)due to the nature of the assertion or the timing of the transactions
D)once the internal audit function has completed its preliminary testing of the account

Question

Quizplus · Accepted Answer

Some substantive procedures, such as testing the completeness and accuracy of year-end balances, can only be performed at year-end due to the nature of the assertion or the timing of the transactions. For example, testing the existence of inventory balances can only be performed at year-end when physical inventory counts are conducted.

Some Substantive Procedures Can Only Be Performed at Year-End _______