3. S1-It is necessary for the audit team members to have a collective knowledge needed to carry out the engagement S2 - An important responsibility of an auditor is the establishment and maintenance of internal control on an ongoing basis a. False, False b. True, False c. False, True d. True, True
Determine whether statement and statement 2 is true or false
3. S1-It is necessary for the audit team members to have a collective knowledge needed to carry out the engagement
S2 - An important responsibility of an auditor is the establishment and maintenance of internal control on an ongoing basis
a. False, False
b. True, False
c. False, True
d. True, True
4. S1 - Generally, the more reliable internal controls are, the lesser the substantive test procedures the auditor would need to perform in auditing year-end account balances
S2 - The industry in which the client operates may give rise to specific risks of material misstatements arising from the nature of the business or the degree of regulation
a. False, False
b. True, False
c. False, True
d. True, True
5. S1 -Objectives are the overall plans for the entity, while strategies are the operational approaches by which managements intends to achieve its objectives
S2- Not all controls are relevant to the auditor’s risk assessment
a. False, False
b. True, False
c. False, True
d. True, True
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