QUESTION 6 Tracing and vouching are synonymous in terms of directional testing. O True O False QUESTION 7 Mayze Jewelry is a privately held international company with operations in the United States. The external auditors retained to audit the US operations must abide by both the auditing standards of the IAASB and the AICPA. O True O False QUESTION 8 A high risk of material misstatement can pose a threat to the audit objectives but not to the organization. O True O False QUESTION 9 The users of financial statements rely on the opinion of external auditors as external auditors provide guarantees that the financial statements are free from material misstatements. O True O False QUESTION 10 Most users of financial statements have detailed knowledge of the operations of businesses and as a result do not need the opinion of extemal auditors in order to make informed decisions. O True O False QUESTION 6 Tracing and vouching are synonymous in terms of directional testing. O True O False QUESTION 7 Mayze Jewelry is a privately held international company with operations in the United States. The external auditors retained to audit the US operations must abide by both the auditing standards of the IAASB and the AICPA. O True O False QUESTION 8 A high risk of material misstatement can pose a threat to the audit objectives but not to the organization. O True O False QUESTION 9 The users of financial statements rely on the opinion of external auditors as external auditors provide guarantees that the financial statements are free from material misstatements. O True O False QUESTION 10 Most users of financial statements have detailed knowledge of the operations of businesses and as a result do not need the opinion of extemal auditors in order to make informed decisions. O True O False