True or False:

1. The decision to continuing auditing a client is as detailed as taking on a new client. ___________
2. The engagement letter is a contract with a client. ____________
3. When taking on a client, an auditor should consult with the prior auditor in a confidential manner without the clients knowledge. ___________________
4. In the risk response phase of the audit detailed testing of internal controls, transactions, balances and disclosures takes place. __________________-
5. Any fraud risk is a significant risk regardless of the amount. ___________________-