During the preparation phase of an audit, which of the following is NOT typically included?

In the preparation phase of an audit, various essential activities are undertaken to ensure that the audit process runs smoothly and effectively. These activities often include team selection, where auditors are chosen based on their skills and expertise relevant to the audit's focus; on-site information gathering, which involves collecting necessary preliminary data about the processes, controls, and operations to be audited; and communication of the audit agenda, which ensures that all stakeholders are aware of what will be covered and when.

Financial reporting, on the other hand, typically occurs after the audit has been completed and is part of the final audit deliverables. It involves compiling and presenting the financial results and findings to stakeholders based on the outcomes from the audit process. Thus, financial reporting does not fall under the preparatory tasks of an audit, making it the correct choice for what is not typically included during the preparation phase. Understanding this distinction is important for those involved in audit processes, as it clarifies the different phases and their specific activities.