Aj True and fase questions (33 point statement is correct (T) or fi 1) When developing the to o th 2) Themalt mye mpanies include s pand to determine the count and timing o p 4) Obtaining an understanding of the entity and it m o ment is part of the analytical procedures phase of the adat For a private company andit, tests of controls are normal performed caly co those intera Conds the believe th a t actively during the wat 6) Auditors use tick marks, which are symbol e nt to the detail on the body of the schedule 7) Audit documents are the joint property of the top and the soit elien 8) Inspection consists of looking at a process or procedure being performed by others 9) Accounts receivable contrations must be controlled by the client from the time they are prepared use the time they are returned to the audio 10) Analytical procedures must be used in the planning and completion phases of the wodit. 11) Cost is never an adequate justification for omitting a necessary procedure or not gathering an adequate sample size. 12) Inspection consists of looking at a process or procedure being performed by others 13) Confirmations are among the most expensive type of evidence to obtain hips 14) Assessing acceptable audit risk, client business risk and risk of materialistic determine the audit procedures that will be needed. 15) An engagement letter establishes a clear understanding of the terms of the engagement between the client and the auditor. 1 Page 2