What is the first phase in an audit?
A)Client acceptance or client continuance.
B)Understanding the client.
C)Understanding internal controls.
D)Testing of account balances.

Question

Quizplus · Accepted Answer

The first phase in an audit is client acceptance or client continuance, where the auditor decides whether to accept a new client or continue working with an existing client. This involves evaluating potential risks and ethical considerations associated with the client.

What Is the First Phase in an Audit