What does the date of an independent auditor’s report generally indicate?
Correct answer: C. The date on which the auditor completed necessary audit procedures
- A. The date on which the entity prepared its ledger
- B. The date on which shareholders approved the accounts
- C. The date on which the auditor completed necessary audit procedures
- D. The date on which the accounting period began
Explanation
The auditor’s report date normally indicates that the auditor has completed the procedures required up to that date and has obtained sufficient appropriate evidence for the opinion. It is not the date the accounting records were first prepared.
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About Auditing
Auditing examines accounting records and financial statements to determine whether they present a reliable and fairly stated position. The subject covers audit objectives, internal controls, audit evidence, materiality, vouching, verification, working papers, auditor independence, audit reports, and the distinction between an audit and accounting or investigation.
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