When are audit procedures regarding presentation and disclosure performed?
A) at balance sheet date
B) throughout the audit
C) shortly before the audit report is issued
D) on the last day of fieldwork

Question

Quizplus · Accepted Answer

Audit procedures regarding presentation and disclosure are performed throughout the audit to ensure that financial statements are presented fairly and in accordance with GAAP. It is important to check for proper classification and disclosure of significant accounting policies, related party transactions, contingencies, and other disclosures. Waiting until the end of fieldwork or shortly before the audit report is issued may result in overlooking important disclosure requirements or incorrect presentation of financial information.

When Are Audit Procedures Regarding Presentation and Disclosure Performed