Audit and Assurance 2025 – 400 Free Practice Questions to Pass the Exam

The purpose of an audit timeline is to schedule key phases and deadlines of the audit process. It serves as a roadmap that guides the audit team through each phase, from planning and fieldwork to reporting and follow-up. By clearly outlining the timing of various activities, the timeline helps ensure that the audit is conducted in a systematic and timely manner, allowing for efficient management of resources and adherence to deadlines. This is crucial not only for maintaining accountability among team members but also for meeting regulatory requirements and stakeholder expectations.

The other options, while related to the audit process, do not specifically reflect the primary function of an audit timeline. Budget outlines pertain to financial planning and resource allocation, qualifications focus on the competencies needed for auditors, and historical data on previous audits can provide context but do not directly assist in managing the current audit’s scheduling.