1. In Auditing, the auditor has to be Independent in fact and in appearance. (True/false)
2. The engagement letter clarifies the responsibilities and expectations of the audit committee and the firm. (True/false)
3. Professional skepticism is about achieving an appropriate balance between distrusting management and placing complete trust in the integrity of management. (True/false)
4. Errors and Misstatements are purely unintentional. (True/false)
5. An adverse opinion states that the auditor believes the overall financial statements are so materially misstated or misleading that they do not present fairly in accordance with GAAP the financial position, results of operations, or cash flows. (True/false)