Question

An audit document that reflects the major components of an amount reported in the financial statements is referred to as a(n)

a) Financial Summary Report
b) Statement of Components
c) Audit Schedule
d) Comprehensive Financial Analysis

Answer 1

An audit schedule is the document that details the components of financial statements for auditing purposes.

Step-by-step explanation:

The audit document that reflects the major components of an amount reported in the financial statements is referred to as a c) Audit Schedule. This document is designed to detail the breakdown of the amounts presented in the financial statements, providing a concerted view of the underlying figures. An audit schedule facilitates understanding and verifying the reliability of the financial information presented.