Auditing standards require auditors to maintain a record of procedures performed, evidence obtained, and the conclusions that were reached as part of the audit. Which of the following statements are true pertaining audit documentation gathered? $($Several choices moy be correct.$)$ Auditors typically maintain a copy of the engagement letter. potential fraud risks, and an assessment of materiality in the current audit file. Auditors maintain audit information and documentation gathered as part of a current year's audit in the current file, which may contain tests of controls and evidence gathered. Auditors generally maintain cient information pertaining to multiple years and audits in a permanent file. Most audit working papers are likely to be contained electronically, with files backed up in a secure location. DayGlow Auditing Firm is performing the external audit of Moon Enterprises, Inc Moon Enterprises is a retailer of astronomical equipment induding telescopes and star charts. The current audit represents the third year that DayGlow Auditing Firm has provided external auditing services to Moon Enterprises, Inc. One of the audit managers assigned to the audit is attempting to locate information needed for the current year's audit. Which of the following statements are accurate with respect to the location of the needed audit information? $($Several choices may be correct$)$ The audit manager is most likely to find information and documentation pertaining to the use of specialists in the current audit file. The audit manager is most likely to learn of any documented deficiencies in internal control by consulting the current file. Documents pertaining to lease obligations are most likely to be obtained by consulting the current audit file. The audit manager is most likely to find documentation pertaining to details of the board of directors and minutes from board meetings in the current file. Management assertions are extremely important to the profession of auditing. Auditors essentially test assertions implicit within the financial statements to effectively audit different areas of an entity. Which of the statements below are true pertaining to assertions? $($Several choices may be correct.$)$ During the risk assessment phase of the audit, auditors typically use management assertions as a guide to determining where higher risk areas of the audit may be$.$ Assertions are made explicitly by the auditor, and are tested by the auditor to ensure compliance with applicable rules and regulations. Assertions are made implicitly by management, and are contained within the financial statements of the entity being audited. Assertions may relate to measurement of account balances, presentation and disclosure, and are routinely tested as part of the audit.