12. In contrast to the audit of plant assets, current assets have a greater significance to net income and the year-end cut-off. 13. A subsidiary ledger consisting of a separate record for each unit of property held by a company is not required since the chance of pilferage is very low. 14. Independent estimates of depreciation should be considered despite a well calculated unt proposed by management. 15. A sinking fund is an asset that no longer has any value (ie., obsolete software). 16. An internal auditor is a professional staff member of the independent auditing firm. 17. The Sarbanes-Oxley Act of 2002 requires companies providing auditing services of a companies financial statements to also provide an audit of internal control. 18. An IRS Field Audit of a taxpayers's Form 1040 is a specialized audit called an operational audit. 19. In end-user computing, data collection is stored centrally on-the-cloud. 20. When auditing a firm with an integrated computer system it is important to compare data on separate files. 21. A comfort letter is a letter to shareholders regarding compliance with the Securities Act of 1933. 22. Personal financial statements include an Income Statement and Balance Sheet 23. To verify the account. "Appropriation of Retained Earnings For Plant Expansion", an auditor would ask the company CFO to verify the appropriation. 24. An organization that manages the legal records which include the names of the shareholders of a company is the specialist on the stock exchange. 25. The transactions involving purchase orders being received by other companies should be reconciled by comparing the accounts payable ledger with the sales journal