For each of the following indicate whether the statement is True (T) or False (F)

1. _ ____ Under PCAOB auditing standards, auditors of public companies are required to perform tests of controls in connection with their audits.

2. _ ____ Under AICPA Professional Standards, auditors are required to detect all existing material weaknesses in a client entitys internal control over financial reporting.

3. _ ____ In planning an audit engagement, key members of the audit team are required to have a brainstorming session to discuss the risk that material fraud could be present.

4. _ ____ Auditors of nonissuers are required to inform those charged with governance whenever anyone associated with any level of management of the entity is suspected of fraud whether it is material or not.

5. _ ____ The auditors substantive tests of details consist of tests of ending balances and tests of transactions.

6. _ ____ An auditor is required to perform risk assessment procedures regardless of whether the entity is a public company (issuer) or a private company (nonissuer).

7. _ ____ A practitioner is not required to be independent to perform an agreed-upon procedures engagement since no form of assurance is provided.

8. _ ____ CPAs are prohibited from performing a review engagement on prospective financial statements.

9. _ ____ An auditors report on financial statements using a special-purpose framework must have restricted distribution since such financial statements are not based on GAAP.

10. _ ____ If the auditor identifies any material weaknesses in internal control over financial reporting, a qualified or adverse opinion should be expressed on the financial statements.