T/F for the following

QUESTION 1 Influenced by bonus targets, the Head of Sales excluded significant sales return transactions from the financial statements. This is an example of fraudulent financial reporting. True O False QUESTION 2 The auditor has the option of incorporating analytical procedures in the substantive procedures. O True O False QUESTION 3 Materiality is determined using quantitative benchmarks but not qualitative benchmarks. O True O False QUESTION 4 The auditor cannot be liable for fraud under statutory law. O True O False QUESTION 5 Auditing is the process of guaranteeing the accuracy of the financial statements. O True O FalseQUESTION 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 external auditors in order to make informed decisions. O True O False