For each one of the following statements, indicate whether the statement is true or false.

a. During the early 1900s a statutory requirement for audits resulted in rapid development of the accounting profession in the United States.

b. Auditing in the United States was an extension of British practice, and in the early 1900s British procedures and reports were generally adopted.

c. In a financial audit the degree of correspondence with established criteria is judged by whether the financial statements are fairly presented in conformity with generally accepted auditing standards.

d. One of the primary reasons for an independent audit is the inherent potential conflict between an entity's management and its employees.

e. An audit is primarily an examination of a company's accounting records and includes testing a substantial portion of such records.

f. The expression of opinion in the standard report means, among other things, that the auditor has concluded the information in the financial statements is classified and summarized in a manner that is neither too detailed nor too condensed.

g. A disclaimer of opinion would be issued if the auditor believed the financial statements departed from generally accepted accounting principles in a very significant way.

h. Proper planning and supervision is one of the general standards of generally accepted auditing standards.

i Auditing is practiced primarily by CPA firms organized in partnerships that are regional in scope.

j. Audits of efficiency, economy, and effectiveness were devised by the GAO and are still conducted primarily by the GAO.