Final answer:
It is true that an audit and assets reappraisal may occur when a partner withdraws from a partnership to ensure accurate financial representation and determine the departing partner's share.
Step-by-step explanation:
True, when a partner withdraws from a partnership, an audit may indeed be conducted, and the assets reappraised. This process is used to ensure an accurate representation of the partnership's financial state and serve as a basis for calculating the withdrawing partner's share of the partnership assets. An audit can provide transparency and trust among the remaining partners and the partner who is leaving, particularly if there are any disagreements about the value of the partnership's assets or the amount owed to the departing partner. Reappraising assets is also a critical step because it reflects the current fair market value, which may have changed since the assets were last valued.