Q1: If you were auditing DMW Corp. and needed to select one financial statement (F/S) item to audit 100% of the applicable supporting evidence, what would that one F/S item be and why do you feel it necessary to review 100% of the evidence for that specific item?

Q2: If you had to forgo auditing a particular F/S item due to time and budget constraints, what would that one item be and why do you feel it would be okay to forgo auditing that specific item compared to other possible F/S items?