Audit Exit Conference:

An audit exit conference is a meeting held between the audit team and the management of the audited entity after the completion of the audit fieldwork. The purpose of this conference is to discuss the audit findings, conclusions, and any significant issues identified during the audit process. During the exit conference, auditors present their preliminary findings and allow management the opportunity to provide feedback, explanations, or additional information regarding the audit observations. This meeting serves as a platform for open communication between auditors and management, facilitating mutual understanding and resolution of any concerns or discrepancies before the issuance of the final audit report. The audit exit conference is an essential step in the audit process, ensuring that both parties are aligned on the audit outcomes and any necessary actions to address identified issues.

Objective Question:

What is the primary purpose of an audit exit conference?

A$)$ To initiate the audit engagement

B$)$ To present preliminary audit findings

C$)$ To finalize the audit report

D$)$ To plan future audit procedurese