1) Which of the following is generally true regarding the amount of audit evidence needed to determine if an account balance is MM?

Question 1 options:

a)The amount of evidence is based on whether the auditor obtained evidence from independent third parties.

b) Auditors determine the amount of evidence needed based on whether the client has strong internal controls.

c)Auditors determine the amount of evidence needed by specific reference to Generally Accepted Auditing Standards (GAAS) and PCAOB Auditing Standards.

d) The amount of evidence that the auditor needs is based on the auditor's professional judgment.

If an auditor performs tests of controls early in the engagement, the assessed level of control risk must have been high.

Question 2 options:

	True
	False