The process of 'final evidence accumulation' is always done late in the engagement.Which one of the following would be done the earliest in the engagement?
A) Perform final analytical procedures.
B) Search for contingent liabilities.
C) Acquire the management representation letter.
D) Evaluate the going concern assumption.

Question

Quizplus · Accepted Answer

Searching for contingent liabilities is an audit procedure that is typically performed earlier in the engagement process. This is because identifying potential liabilities early can significantly impact the audit's direction and focus, including the assessment of the entity's financial position and the adequacy of disclosures. The other options listed are generally performed towards the later stages of an audit engagement.

The Process of 'Final Evidence Accumulation' Is Always Done Late