please help me answer the multiple choice

1. What is the name of the indhidual that camy out auditing for a compamy called? a) Analyst b) Actuarial c) Auditor d) Profiessional 2. As the Generally Accepted Accounting Principle (GAAP) is a guideline for accounting preparation; what is the guideline for auditing preparation? a) Generally Aocepted Auditing Standards b) Generally Accepted Auditing Principle c) Generally Accounting and Auditing Standards d) Generally Accepted Accounting Standards 3. The auditor cannot find all immaterial errors and fraud due to reasons like: a) Time b) Cost c) Impractisality d) Al of the above 4. All public companies and lage not for profit organizations [NPDs] are required to prepare audited financal statements. True or False 5. Any of these parties can be respansble for providing the financial information that will be audited by the auditar, except a) Management of The engaging party c) The nustomers 6. The two main assurance level that auditors can perform are and a) High (Audit) b) Moderate (Review) c) Negative assurance d) Positive assurance 1. A&C 2. B&C 3. A&B 4. C&D 7. All of these steps will help an auditor minimize litigation risks when performing the audit work, except a) Maintaining independence b) Have enough legal fees ready c) Maintain proper documentation and working papers d) Perform quality audit work 8. The four main principles underlying the financial statements audit preparation are purpose, responsibilities, performance and a) Auditing b) Reporting c) Accounting d) Procedures c) Accounting d) Procedures 9. In order for the auditor to perform the audit work, the accountant does not have to prepare the financial statements needed. True or false 10. An auditor is not responsible for obtaining absolute assurance but reasonable assurance. a) True b) False 11. The letter an auditor prepares and ensures he signs with the management to set out terms and conditions of the assurance engagement is called? e) Engagement letter f) Assurance letter g) Auditor letter h) Professional letter 12. Fraud is an misstatement that any amount found during the audit will be considered material. e) Unintentional f) Proposed g) Intentional h) Planned 13. What are the main types of risk assessment performed on financial statement: e) Inherent Risk f) Control Risk g) Detection Risk h) All of the above 14. The audit firm is required to perform risk assessment in order to determine whether to accept the new client or continue with repeat clients. True or False 15. Depending on the findings from the control environment, auditor can either be able to rely on control or not. True or False 16. During the planning stage, an audit planning memo will consist of these four main items: e) Risk f) Approach g) Materiality h) Sampling i) Procedures 5. ii, iii, iv \& v 6. i, ii, iii \& v 7. i, ii, iii \& iv 8. All of the above 17. All of these reasons are important for the type of services to be discussed with management before performing the audit work, except e) Avoid misunderstanding f) Prepare the auditor for the job -8) To charge more audit hours or fees h) Determine the procedures required g) To charge more audit hours or fees h) Determine the procedures required 18. The three main factors that will be present in committing fraud that can be found in a fraud triangle are and e) Incentive, Performance and Usage f) Incentive, Opportunity and Justification g) Falsification, Incentive and Recalculation h) Opportunity, Falsification and Justification 19. In order for the auditor to calculate materiality the key users of the audited financial statements and their needs must be identified. True or false 20. Errors and fraud are types of misstatements that can be found in the financial statements of a company. c) True d) False