Question

After fieldwork audit procedures are completed, a partner of the CPA firm who has not been involved in the audit performs a second or wrap-up review of the working papers. This second review usually focuses on?

1) the audit report, financial statements, and footnotes for consistency.
2) irregularities involving the entity's management and its employees.
3) the materiality of the adjusting entries proposed by the audit staff.
4) the communication of internal control weaknesses to those charged with governance.

Answer 1

The second or wrap-up review in fieldwork audit procedures focuses on the consistency of the audit report, financial statements, and footnotes. It ensures accuracy and quality in the final deliverables.

Step-by-step explanation:

After fieldwork audit procedures are completed, a partner of the CPA firm who has not been involved in the audit performs a second or wrap-up review of the working papers. This second review usually focuses on the audit report, financial statements, and footnotes for consistency. It ensures that the documents are aligned and provide a clear and accurate representation of the financial position and performance of the audited entity. This review helps maintain the quality and integrity of the audit process and final deliverables.