a. The nonpublic company audit report should contain the name of the CPA firm and the individual partner in the firm in charge of the audit.

True or False

b. A note or supplementary schedule cannot compensate for erroneous presentation of an item in the financial statement.

True or False

c. When multiple uncertainties exist for a company, auditors should issue a qualified audit option.

d. When difficulties arise relating to component auditors' competence or work, the group auditors may decide to audit the component and not refer to the component auditors in the audit report.

e. International Auditing Standards require disclosure of Key Audit Matters (KAMS) in public company audit reports which are similar to the PCAOB critical audit matters concept.

f. All of the following would normally require the inclusion of an additional paragraph or modification in the audit report except:

1. A change from LIFO to FIFO inventory valuation method.
2. A change in the useful life of a fixed asset.
3. Division of responsibility between the group and component auditors.
4. Substantial doubt on the part of the auditors of a company's ability to continue as a going concern.