Which stage in the audit process involves validating findings and closing out the audit?

Which stage in the audit process involves validating findings and closing out the audit?

• A. Audit validation and close out
• B. Audit field work
• C. Audit engagement and universe submission
• D. Audit reporting

Answer: (A)

Closing out the audit is the stage where findings are validated and the engagement is finalized. After fieldwork, auditors review all evidence to confirm that findings are supported, reconcile any discrepancies, complete and review working papers, and obtain final approvals before the audit report is prepared. This wrap-up ensures everything is accurate and ready for reporting. Field work focuses on collecting evidence, not the final validation or close-out, and the audit report comes after close-out. The idea of “universe submission” isn’t a standard closing phase, so it doesn’t fit with the step where you verify findings and finish the audit file.

Closing out the audit is the stage where findings are validated and the engagement is finalized. After fieldwork, auditors review all evidence to confirm that findings are supported, reconcile any discrepancies, complete and review working papers, and obtain final approvals before the audit report is prepared. This wrap-up ensures everything is accurate and ready for reporting. Field work focuses on collecting evidence, not the final validation or close-out, and the audit report comes after close-out. The idea of “universe submission” isn’t a standard closing phase, so it doesn’t fit with the step where you verify findings and finish the audit file.