QUESTION 1 In order to be considered sufficient, all documentation (including that related to data analytics performed) should be prepared so that an experienced auditor, with no prior connection with the engagement, can understand: I. The nature, timing, and extent of procedures performed. II. The difficulty of the audit. III. Results of procedures and evidence obtained. IV. Conclusions were reached and significant judgments were made. a. I, II, III and IV b. I and III c. I, III, and IV d. III and IV QUESTION 2 Which of the following would not be considered a Type 2 subsequent event (assume the company has a Dec 31 year-end)? a. A warehouse fire in January destroyed a significant portion of the inventory. b. The sudden death of the CFO on January 20th. c. Declaration of a dividend on Jan 15 for shareholders of record Dec. 31. d. The bankruptcy of a customer on Feb. 1 - the customer had no balance outstanding on Dec. 31 . QUESTION 3 Tick and Tie are the auditors for Vance Corporation. During the course of the audit, the audit team noticed that Vance Corp showed signs of financial distress. In particular, Vance Corp was at risk of defaulting on their key loans and thus began to try and restructure their debt. This, along with other indicators, has led Tick and Tie to have substantial doubt regarding Vance Corp's ability to continue operating. The next step the auditors should take is: a. Issue a qualified opinion due to the uncertainty surrounding Vance Corp's ability to continue as a going concern. b. Do nothing as going concern assessments are not the auditor's responsibility. c. Issue an unmodified opinion with an emphasis of the matter paragraph regarding the doubt surrounding Vance Cop's ability to continue as a going concern. d. Obtain and discuss with management their plan to continue as a going concern and assess the likelihood that their plan will be successful