115.If a CPA sells his or her practice to another CPA firm, permission is not required from the client to provide the audit working papers to the buyer.

a.True

b.False

118.When successor (new) auditor request confidential information from a companys previous auditor, the predecessor auditors does not need the clients permission before providing the requested information from the successor.

a.True

b.False

When internal controls are not effective, the substantive audit tests are less reliable; thus, the extent of substantive tests should be reduced.

True

False

25.A company should develop internal controls that provide reasonable, bur not absolute, assurance that the financial statements are fairly stated.

a.True

b.False

28.When internal control over a given financial statement account are assessed by the auditor as highly effective, the auditor need not obtain audit evidence or that account beyond testing the controls.

a.True

b.False