21. At the start of an audit, all audit team members are required to attend a planning meeting where they are informed of the nature of the client, the risks identified to date and any other issues of which they should be aware when performing the audit. This is an example of: a) Direction b) Consultation c) Review 4 Supervision 22. What is the restriction, if any, on the level of fee income that can be received from recurring work from a company before a situation of dependency is presumed to exist? A. 5% in 10% c) 15% b) No restriction 23. A principles based approach to ethics means that auditors must abide by specific rules and that no judgment is required. Is this statement true or false? A) True B) False 24) What is the main reason auditors why auditors need to be independent? A) To ensure users of the audit report can place reliance onit and have faith It is not biased. B) To ensure the financial statements give a true and fair view c) To provide more regulation for auditors so it looks like the audit is of Higher quality. b) The law requires it 25) A person may not act as auditor if hey are an officer or employee of the The company. Is this statement true or false? A) True B) False