An auditor is concerned with completing various phases of the examination after the balance sheet date. This "subsequent period" involving formal audit procedures extends to the date of the:
A)issuance of the financial statements.
B)final review of the audit working papers.
C)auditor's report.
D)delivery of the auditor's report to the entity.

Question

Quizplus · Accepted Answer

The subsequent period involving formal audit procedures extends to the date of the issuance of the financial statements, as this is the point at which the financial statements are considered finalized and ready for external use. While the final review of the audit working papers and the delivery of the auditor's report to the entity are important steps in completing the audit process, they occur after the substantive procedures involving subsequent events have been completed. The auditor's report is issued after the completion of all audit procedures, including those related to subsequent events.

An Auditor Is Concerned with Completing Various Phases of the Examination