At the completion of the tests of controls and substantive tests of? transactions, auditors must analyze each exception to determine its cause and the implication of the exception on assessed control risk.

True

False

An essential part of the? auditor's responsibility in auditing cash receipts is to identify deficiencies in internal control that increase the likelihood of fraud.

True

False

When auditing sales returns and? allowances, the emphasis is normally on testing the completeness objective.

True

False

The extent of tests of controls in audits of nonpublic companies depends on the effectiveness of the controls and the extent to which the auditor believes they can be relied on to reduce control risk.

True

False