3 Which of the 34 Which of the following statements regarding an audit program is true? An adit program should be standardized so that it may be used on any client engagement a The audit program should be completed by the client company before the audit plannine C. An audit program should be developed by the internal auditor during the audit D An audit progran establishes responsibility for each audit test by requiring the signature or stage begins completion/reporting phase initials of the auditor who performed the test 35. Risk assessment is a process designed to A. Identify possible circumstances 8. Establish policies and procedures to carry out internal controls s and events that may affect the business Identify and capture information in a timely manner Review the quality of internal controls throughout the year D. Which of the following audit procedures is most likely to be performed during the planning 36. phase of the audit? A. Obtain an understanding of the client's risk B. identify specific internal control activities that are designed to prevent fraud C. Evaluate the reason D. Test the timely cutoff of cash payments and collections. assessment process ableness of the client's accounting estimates. 37.Which of the following is the most significant disadvantage of auditing around the computer rather than through the computer? A. The time involved in testing processing controls is significant. B. The cost involved in testing processing controls is significant. C. A portion of the audit trail is not tested. D. The technical expertise required to test processing controls is extensive