True or False?

In the audit of payroll, one of the key issues is to ensure that the payroll expense has been properly recorded and the associated deductions for income tax, employee benefits, and related liabilities are properly recorded as liabilities.

True or False?

The key issues relating to auditing sales and receivables are that the receivables do actually exist and are collectible with adequate allowances for doubtful accounts, and that the sales are genuine and neither overstated or understated.