Chapter 6 Audit plan- Objectives 23. Which of the following statements concerning audit objectives is not true? a. The overall audit objective and specifie audit objectives vary from audit to audit, depending on the circumstances b. The overall audit objective remains the same from audit to audit, but the specific audit objectives vary, depending on the circumstances The overall audit objective includes the responsibility to detect frauds and illegal acts. d. The specific audit objectives includes a set of tran saction-related, a set of balance-related, and a set of presentation-related specific audit objectives. Which of the following statements concerning the auditor's responsibility to report fraud is correct? a. When the auditor determines that the fraud has no material effect on the financial statements, the 24. auditor should refer the fraud to the audit committee. b. When the auditor determines that the fraud has a material effect on the financial statements, the auditor should issue an unqualified opinion if the management refuses to revise the financial statements c. When the auditor is precluded from investigating the effect of the fraud, the auditor should report the matter to the board of directors. itor determines that there is no fraud, the auditor should not issue a disclaimer opinion. d. When the audi Which of the following fraud testing procedures is not required to be performed in every audit? a. Review the management's accounting estimates for biases that could result in material misstatement 25. due to fraud. Evaluate and understand the management's rational for significant accounting transactions that could suggest fraudulent financial reporting c. Examine inappropriate or unauthorized journal entries for evidence of possible misstatement due fraud. d. Investiga te problematic or unusual relationships between the auditor and management that could result in fraudulent financial reporting