In September two friends in the John Molson School of Business were walking to Loyola and discussing what they had learned in their introductory Assurance Service course the previous semester. They shared the following comments. 1. Porzia: "Pre-numbered documents are important for the existence assertion." 2. Madelaine: "The most important type of protective measure for safeguarding physical assets and records is the use of physical precautions." Select one: a. Only statement 2 is true b. Both statements 1 and 2 are true c. Only statement 1 is true d. Neither statements 1 or 2 are true Jacques Li was discussing the principles underlying the Financial Statement audit. He made two statements to his friend Pascal Sylvestre : 1. His performance responsibilities include stating whether financial statements are presented according to a financial reporting framework. 2. The purpose of an audit includes obtaining sufficient appropriate audit evidence. Select one: a. Only statement 2 is true b. Only statement 1 is true c. Both statements 1 and 2 are true d. Neither statements 1 or 2 are true