Final answer:
In the fieldwork completion phase of an audit, major disclosure components include financial summaries and significant findings. Personal information about company executives is not considered a major disclosure component as it is irrelevant to financial data or performance.
Step-by-step explanation:
When discussing the major disclosure components in the fieldwork completion phase of an audit or similar financial review, it is essential to distinguish between what is required and what is not typically part of the disclosure requirements. The fieldwork completion phase generally deals with finalizing audit procedures, ensuring the completeness and accuracy of evidence, discussing significant findings with management, and preparing the final audit report. One of the major disclosure components typically includes summaries of significant accounting policies, details about financial statement elements, and any subsequent events that influence the financial statements.
A non-disclosure component would be personal information about the company's executives unrelated to the financial data or performance, such as their personal hobbies or private matters. Such information is outside the boundaries of financial and performance disclosures and generally does not have a direct impact on the company's financial statements or audit results. The disclosures in the fieldwork completion phase must adhere to relevancy regarding the financial performance and position of the entity being audited.