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TRUE or FALSE In performing analytical procedures, auditors look for something that is Unusual and Unexpected. Analytical procedures are only performed prior to the audit.

TRUE or FALSE

  1. In performing analytical procedures, auditors look for something that is Unusual and Unexpected.
  2. Analytical procedures are only performed prior to the audit.
  3. Reasonable Assurance relates to the accumulation of sufficient appropriate audit evidence - Sufficient indicates the amount of evidence accumulated.
  4. Reasonable Assurance relates to the accumulation of sufficient appropriate audit evidence - Appropriate indicates the strength of the evidence.
  5. A client CFO telling an auditor that the client maintained $50,000 at Harris Bank as of 12/31/21 would not be considered Audit Evidence.
  6. A Negative Assurance like Nothing Came to our Attention would be listed in an Examination report as a form of Attestation.
  7. Prior to Sarbanes-Oxley, the Accounting Profession regulated the Accounting Profession.
  8. The Phrase Trust But Verify is used to explain Internal Controls.
  9. The Financial Statement Assertion Existence indicates all assets, liabilities, and equity interests have been recorded.
  10. Independent 3rd Party Evidence that substantiates an amount on the Balance Sheet is Very Song Evidence.

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