Final answer:
The correct answer is C. Report release date, which is when the auditor permits the client to use the audit report and indicates that the audit work is complete.
Step-by-step explanation:
The date the auditor grants the client permission to use the audit report is known as the report release date. This date marks when the auditors have completed their work and are ready to share their findings, having obtained sufficient appropriate evidence to support the audit opinion. It is distinct from the last day of significant field work, as additional procedures might be performed after field work has concluded, such as subsequent events review and finalization of the audit report.
Moreover, the report release date differs from the report cutoff and the representation date. The report cutoff date refers to the last date of the audit period for which the auditors are responsible, while the representation date is linked to the date on which management provides its last representation, typically in the form of a letter, confirming the facts they have asserted to the auditors during the engagement.
C. Report release date. This is because the report release date is the specific point in time when the auditor allows the client to use the accompanying audit report.