Auditing Practice Questions:

33. T/F. A notes receivable from an officer in the company is considered a related party receivable. 34. T/F. Performing substantive fraud-related audit procedures requires that the auditor review credit memos, customer complaints and large or unusual adjustments to sales accounts. 35. T/F. Documentation of substantive procedures requires that all processes, documents used, and all dollar amounts that are out-fliers are properly recorded but not known misstatements. 36. Which of the following is normally performed last in an audit engagement? a. Securing an engagement letter; b. Performing tests of controls c. Performing review for subsequent events d. Obtaining signed written representation