8.The auditor assesses inherent risk for accounts receivable, considering client risk and the nature of the audit client and the nature of the industry which the client is operating in.

t/f

17.Significant audit efficiencies can be achieved on many audits when controls are operating effectively.

t/f

33.Which of the following is not included in Phase I of the auditing of year-end general cash balances?

a.Assess control risk

b.Set performance materiality and assess inherent risk

c.Design and perform tests of controls and substantive tests of transactions

d.Identify client business risks affecting cash