5. In class, we discussed the notion of an audit philosophy of tests of accounts for overstatement and understatement to gain audit efficiencies. Consider the following statements: I. Testing Sales for UNDERstatement, conceptually, also tests Accounts receivable for UNDERstatement. II. The auditor would mostly be concerned about testing liabilities for understatement. I is true; II is true. b. I is true; II is false. I is false; II is true. d. I is false; II is false. a