T/F Questions 1. Management representation letter is a substitute for any auditing procedures necessary to provide a reasonable basis for an opinion on the financial statements. (a) True (b) False 2. Public often think that management are responsible for detecting fraud but responsibility for the prevention and detection of fraud and error lies with auditors. (a) True (b) False 3. Qualified opinion-Can be used for a scope limitation or departure from GAAP, but only when the auditor concludes that the overall financial statements are fairly stated. (a) True (b) False 4. Audit Committees must have at least one person who is a financial expert. Other members must be knowledgeable in financial accounting and control. (a) True (b) False 5. Less evidence is needed for accounts that are material to the financial statements. (a) True (b) False