QUESTION 1

The purpose of an audit is to express an opinion on whether the financial statements are in accordance with GAAS.

True

False

QUESTION 2

Assertions relating to the financial statements are set forth by the auditor.

True

False

QUESTION 3

An audit should test every item in the financial records of the client.

True

False

QUESTION 4

The completeness assertion posits that all transactions and events that should have been recorded were recorded.

True

False

QUESTION 5

Audits of issuers must follow the standards of the Public Company Accounting Oversight Board.

True

False