Matching problems

1. Auditors' assessment of control risk and inherent risk.

2. Audit firms have policies with respect to the level of expected continuing professional education.

3. Auditors' requests to obtain bank statements directly from financial institutions with whom the client does business.

4. The auditor's report said the audited financial statements complied with Generally Accepted Accounting Standards.

5. Auditor reviews the prior year audit work papers, current industry trends, and clients unaudited current financial statements to develop the current year audit strategy.

6. Audit firms have policies with respect to employee ownership in audit clients.

7. Auditor evaluates the magnitude of an inventory misstatement to determine if the misstatement affects the users opinion.

8. An auditor is considering accepting a new audit client; however, the auditor and the audit firm have no experience with the potential clients industry.

9. An auditor asks the controller questions about the companys accounting for warranties and determines to investigate the controllers answers further.

10. The senior auditor reviews the work of the assistant auditor to provide feedback and quality control of the work papers.

All Answer Choices:

A. Determine/apply appropriate materiality levels throughout audit B. Obtain sufficient and appropriate audit evidence C. Express an opinion or state an opinion cannot be expressed D. Identify/assess risks of material misstatement, including internal control E. Professional skepticism and professional judgment F. Competence and capabilities G. Plan work and properly supervise assistants H. Ethical requirements I. Opinion is based on financial statement conformity with financial reporting framework