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please i need the answers now Asking for customer contacts to detect fictitious ones is an example of existence assertion testing. O True O False
please i need the answers now Asking for customer contacts to detect fictitious ones is an example of existence assertion testing. O True O False Recalculation and Reperformance do not require sampling. * O True O False Sampling is needed when the auditor is inspecting tangible assets. * O True False Misappropriation of assets is normally perpetrated at the lowest levels of the organization hierarchy. O True False Inspection of records and documents does not require sampling. True False Audit sampling is commonly used to gather analytical procedures audit evidence. True False The auditor conducts a bank reconciliation to verify that the bookkeeper is doing this on a monthly basis. This is an example of recalculation.* O True O False The audit team size is one of the factors that determine the sample size. O True False The auditor is comparing expenses as a percentage of net sales with prior year's percentages. This is an example of analytical procedures. O True False The lack of competence in the accounting stuff is an example of Inherent risk. True O False Discussing the adequacy of the allowance for doubtful accounts with the credit manager is an example of testing the classification assertion. O True False An example of a fraud risk factor describing opportunities is ineffective board of director monitoring over financial reporting". True O False The risk of incorrect acceptance is related to the efficiency of testing. * O True False Examining large sales invoices for a period of two days before and after year-end is an example of cutoff assertion testing.* True O False When the auditor is omitting an important audit procedure, the risk of material misstatement increases. O True False Fraudulent financial reporting usually involves manipulation of amounts rather than disclosures. O True O False Type 2 Sampling Risk is the risk that the auditors conclude that the control is not effective when in fact the control works effectively. O True O False Confidence level is the complement of sampling risk tolerable deviation rate. O True O False Examining purchases invoices to check if one particular purchase transaction really happened is an example of valuation assertion.* True O False Tolerable deviation rate has an inverse effect on sample size. O True O False
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