Question One: Read the following statements and then decide whether it is True or False: 1. Corroborating evidence is additional evidence which accumulated by the auditor to support the original audit evidence. Because the client is paying for the audit, certain documentation prepared by 2.0 :) the client and delivered to the auditor during the audit mission is the property of the client. 3.( Cycle approach deal with accumulating all similar accounts which follow the same accounting process into smaller segments: When an auditor concludes that the overall financial statements are fairly 4.0 presented, but the generally accepted accounting principles were not followed in preparing the financial statements, the auditor should issue an adverse opinion. Fraudulent financial reporting harms users, stockholders, creditors, and others 5. ) because the financial statements are no longer available to their rightful owners. An auditor that lacks independence may still issue an unqualified opinion if the 6. > level of materiality is very low. Appropriateness of evidence is a measure of the quality of evidence, meaning it 7. > relevance and reliability in meeting management objectives for classes of transactions, account balances, and related disclosures. 8.( Professional skepticism mains that the auditors should assume that 2 management is honesty, but the possibility of dishonesty must be considered. One of FAC's mission is to serve the public interest by contributing to the