46. The main audit assertion of auditor concern for liabilities is existence.

True

False

47. The auditor obtains a knowledge of business mainly to better assess audit risk.

True

False

48. Review engagement reports express negative assurance to the financial statement user.

True

False

49. Custody in the study of internal control refers only to physical custody of company assets.

True

False

50. Bank account balances are generally audited 100% by auditors during their yearend audit procedures.

True

False