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

1. _ ____ AICPA Professional Standards require auditors to document their understanding of major transaction cycles by preparing detailed flowcharts that identify the origination, processing, and final disposition of the key accounting documents involved.

2. _ ____ Under AICPA Professional Standards, auditors are not required to detect all existing significant deficiencies in a client entitys internal control over financial reporting.

3. _ ____ The AICPA requires auditors to retain their audit documentation (also known as working papers) for 7 years, whereas the PCAOB requires auditors to retain their audit documentation for 5 years.

4. _ ____ The auditors substantive procedures consist of tests of control and tests of details.

5. _ ____ An auditor should perform alternate procedures for every customer who has not responded to positive confirmation requests related to accounts receivables.