Audit Exit Conference:

An audit exit conference, also known as an audit closing meeting, is a formal meeting held between auditors and management at the conclusion of an audit engagement. During this meeting, auditors present their findings, conclusions, and recommendations to management, providing an opportunity for discussion and clarification. The purpose of the exit conference is to communicate the results of the audit, including any significant issues or deficiencies identified, to management in a transparent and constructive manner. It allows management to understand the audit findings, ask questions, and provide input before the final audit report is issued. The exit conference promotes accountability, fosters open communication between auditors and management, and ensures that audit findings are accurately represented in the final report.

Objective Question:

What is the primary purpose of an audit exit conference?

A$)$ To finalize the audit engagement

B$)$ To communicate audit findings to management

C$)$ To initiate a new audit cycle

D$)$ To resolve audit discrepancies