8. In blass we discussed tho uge of tiakarks to docutent work performed. It was iuggeoted that: I. Write down the explanation of the tiekchack, botore it in 11. used. Tnclude a "conclumion" in tho tiokmark explanation. a. I in true? II in true. b. I is true: XI is falae. c. I in false; II lo true. d. I is talse; Il is falso. 9. In class, we discusned the notion of an audit philosophy of Answer tests of accounts for overstatement and understatement to gadn audit efficiencies. Consider the Lollowing staterients: I. When accounts payable is teated li.e. diroctiy obtain. apecific evidencel for UNDEkstated for UNDERstatement. inventory purchares also is tosted be tested (1.e. directiy: obtain specific evidencel for co. 1 is falsef i1 is true. 1I. Generally, 11abilities would De tor UNDERtatement. a. I is truef iI is true. b. I is true: It is false. I is false: II is false. 10. Which of the following statements correctly defines the term Answer a. A substantial level of assurance to allow an auditor to "reasonable assurance"? b. A significant level of assurance to allow an auditor to detect a material misstatement. c. An absolute level of assurance to allow an auditor to detect detect a material misstatement. A high, but not absolute, level of assurance to allow an d. A material misstatement. Erom Surgent CP? lo detect a material misstatement. 11. Which of the following Iactors most likely wolid cause a ceA thement and operations and Answer decline to accept a new audit 'engagement? a. The CPA does not understand rhe turting b. industry. to permit inquixy of its legal d. No c Management is unwil11ng to permit inguncy cop review council. Surgent CPA Review TrY AREA