For each of the following 10 statements, mark the answer as True (T) or False (F)

47. The auditor obtains a knowledge of business mainly to calculate materiality.

True

False

48. Review engagement reports express negative assurance to the financial statement user.

True

False

49. Custody in the study of internal control refers only to physical custody of company assests.

True

False

50. Bank account balances are audited 100% by auditors during their yearend audit procedures.

True

False