QUESTION 3 Australia Post (a government business enterprisey's financial report is audited according to Australian Accounting Standards. The audit is a: O A. IT audit B. Performance audit Government audit D. Financial statement audit E. Compliance audit QUESTION 4 Equipment maintenance expense should be audited under which of the following transaction cycle? A. Sales and collection cycle B. Payroll and personnel cycle C. Inventory and warehousing cycle D. Capital acquisition and repayment cycle O E. Acquisition and payment cycle QUESTION 5 B. Adopting the lower assessed control risk strategy: A. Requires auditors to perform an extensive amount of tests over the client's internal controls. Is appropriate when internal controls are minimal. C. Means auditors will gain the minimum necessary knowledge of the client's internal controls. D. Means auditors will use an extensive amount of audit evidence to verify account balances. E. Cand D