Which of the following is an accurate statement regarding audit documentation review?
A) The audit partner must review the work of the least experienced auditor in more detail than the work of the audit supervisor.
B) The audit senior must review all audit documentation.
C) For larger audits, it is common to have the financial statements and the entire set of audit files reviewed by someone who has not participated in the audit, but is a member of the audit firm doing the audit.
D) Checklists can never be used to verify that all financial statement disclosures have been made.

Question

Quizplus · Accepted Answer

It is common for larger audits to have the financial statements and the entire set of audit files reviewed by someone who has not participated in the audit, but is a member of the audit firm doing the audit. This helps to ensure objectivity and quality control. Option A is incorrect because the audit partner should review the work of all members of the audit team, regardless of their level of experience. Option B is incorrect because while the audit senior typically reviews much of the documentation, it is not necessary for them to review all of it. Option D is incorrect because checklists can be a useful tool for ensuring completeness of financial statement disclosures.

Which of the Following Is an Accurate Statement Regarding Audit