an auditor should examine minutes of the board of directors meetings

		A. Only at the beginning of the audit
		B. Through the date of the financial statements
		C. On a test basis
		D. Through the date of the audit report

An important benefit of industry comparison is as

		A. An aid to understanding the clients business
		B. An indicator of errors
		C. An indicator of fraud
		D. A least-cost indicator for audit procedures

Which of the following would not be classified as an analytical procedure

		A. Comparing the companys profitability ratios against others in the industry
		B. Reconciling fixed asset sales with the fixed asset ledger
		C. Reperforming the clients depreciation expense using the clients accounting policies for capital expenditures made during the year
		D. Variance analysis of actual versus budgeted amounts for production

If an auditor establishes a relatively low level for materiality, then the auditor will

		A. Accumulate an undetermined amount of evidence
		B. Accumulate more evidence than if a higher level had been set
		C. Accumulate approximately the same evidence as would be the case were a higher level set
		D. Accumulate less evidence than if a higher level had been