QUESTION 2 The understanding between the client and the auditor is normally documented in an) A. Representation Letter B. Engagement Letter C. Management Letter D. Comfort Letter QUESTION 3 Audit documentation (working papers) A. Facilitates the planning, performance, and supervision of the engagement B. Becomes the property of the client once the opinion is issued C. Is required for public company audits and recommended, but not required, for non-public company audits D. Does not need to contain evidence that an understanding of internal control was obtained QUESTION 4 Which of the following is not a factor affecting the independent auditor's judgment about the quantity, type, and content of audit documentation (working papers) necessary? A. The needs for supervision and review of the work performed by assistants B. The nature and condition of the client's records and internal controls OC. The expertise of client personnel and their participation in preparing schedules D. The type of the financial statements, schedules, or other information on which the auditor is reporting QUESTION 5 In which of the following instances would an auditor be least likely to require the assistance of a specialist? A. Assessing the value of inventories of works of art B. Determining the quantities of materials stored in boxes C. Determining the value of unlisted securities OD. Determining the assessed value of fixed assets