Practice Quiz

Forensic Accounting

Category - Fundamental Forensic Knowledge

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Planning and preparation is undertaken to:
  1. Streamline the entire engagement
  2. Overcome any ambiguity
  3. Keep the engagement on schedule
  4. All of the above
  5. None of the above
Explanation
Answer: D - Planning and preparation is one of the fundamentals of an audit engagement. The goal of a practitioner is to streamline the engagement, overcome any ambiguity related thereof, and keep the engagement on schedule. These are the three aspects that are integral to the planning and preparation phase.
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