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True or False questions Tests of controls substantiate the dollar amount of an account. CPAs should investigate prospective clients before accepting am engagement. PCAOB standards

True or False questions

  1. Tests of controls substantiate the dollar amount of an account.

  1. CPAs should investigate prospective clients before accepting am engagement.

  1. PCAOB standards require the successor auditor to attempt to communicate with the predecessor auditor after accepting the engagement.

  1. Companies report changes in independent auditors and reasons therefore in a Form 8K.

  1. If during an audit, the auditor uncovers a Fraud Risk Factor, that means that there is absolutely fraud in this audit.

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