QUESTION 31 ABC Corp.'s recording of all rights of the company and properly classifying them is the auditor's objective when auditing debt. True False QUESTION 32 Bank reconciliations are key control procedures relating to cash. True False QUESTION 33 In the event the auditor has disagreements with the client, the auditor can communicate such disagreements with the audit committee. True False QUESTION 34 A formal budgeting process for long-lived assets is an example of control activities. True False QUESTION 35 In the event there are no going concern problems, the auditor can issue an unqualified report with a going concern paragraph. True FalseQUESTION 36 A key source of information for the auditor when it comes to confirmation of loss contingencies are specialists such as legal counsel. True False QUESTION 37 The auditor is more concerned with contingencies that existed before the end of the audit field work than contingencies that existed at the balance sheet date. True False QUESTION 38 Performing a complete inventory of BYOD Corporation's global manufacturing equipment is an example of a test of control. True False QUESTION 39 Capitalized assets should not be expensed as repairs and maintenance. True False QUESTION 40 Auditors use checklists because checklists provide satisfaction that the client has performed what it is required to perform. True False