14. 14 15. ST 16. 17. In practice, extent of testing applies: a. exclusively to the number of items tested. b. to both the number of items tested and the number of tests performed. c. exclusively to the number of substantive tests performed. d. to both the number of items tested and the nature of the tests performed. e. to both the nature of items tested and the number of tests performed. The audit program is basically a list of: a. detailed audit objectives. b. account balances and their related assertions. c. control policies and procedures to be tested. d. audit procedures to be performed. e. audit controls. An audit program should be sufficiently detailed to provide all of the following except: a. evidential support for the audit opinion. b. an outline of the work to be done. c. a record of the work performed. d. a basis for controlling the audit. e. a basis for supervising the audit. Knowledge of external factors affecting an entity's business is necessary when planning an audit. Which of the following factors would least likely be considered an external factor: a. interest rates. b. market demand. c. Inflation. d. industry-specific accounting practices. e. related party transactions