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Question 1 1 pts Which of the following is/are the primary means of communication for gathering information while assessing management integrity? Communication with the client personnel, the client's industry peers and the previous auditor Communication with client personnel and with the client's industry peers, only Communication with the previous auditor, only Communication with the client's industry peers, only Question 2 1 pts What is the first stage of any audit? O Risk assessment Reporting Risk response Client acceptance or a continuance decision If management is preoccupied with meeting specific accounting numbers, this is a negative factor that should influence client acceptance and retention and is associated with special circumstances and unusual risks the integrity of management independence issues within the audit firm competence issues within the audit firm Question 4 1 pts What term refers to the determination of the amount of time to spend testing the client's internal controls and conducting detailed testing of transactions and account balances? Reporting Audit strategy Risk response Risk assessment Question 5 1 pts An audit committee is a sub-committee of the board of directors. True False Question 6 1 pts pts - Which factors would likely increase an auditor's concern pertaining to risk of fraudulent financial reporting? Excessive amount of liquid assets that could easily be converted to cash Low profitability/growth with respect to competitors in the same industry An extremely confusing and overly complex institutional structure, with blurred lines of authority Management participation in selection of accounting methods and principles In the context of fraudulent financial reporting, which would most likely represent a risk factor? High degree of competition in the particular industry Revenue expectations from management have increased slightly from the prior year The structure of the company includes subsidiary companies Low employee turnover at senior management levels Question 8 1 pts If the management of an entity is close to breaching a debt covenant that requires maintaining a certain current ratio, management may have an incentive to _ understate either current assets or current liabilities either understate current assets or overstate current liabilities O either overstate current assets or understate current liabilities overstate either current assets or current liabilities The term refers to an affiliate, principal owner, manager, or other party that is not independent of the entity. O primary beneficiary O related party other beneficiary third party Question 10 1 pts Corporate governance may be best thought of as o the people, systems, and processes within companies used to ensure that companies are well-managed corporate donations to political parties and non-profit entities a subsidiary entity that is controlled by a parent company the level of control exerted by senior management