Client closing procedures: a. Are routine transactions that do not impact audit risk. b. Are the responsibility

Question:

Client closing procedures:

a. Are routine transactions that do not impact audit risk.

b. Are the responsibility of those charged with governance who must ensure that transactions are recorded in the correct accounting period.

c. Affect expense accounts only.

d. Affect balance sheet accounts only.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...

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