TRUE OR FALSE: Write the word TRUE for each correct statement; otherwise, write FALSE. 1. 2. 3. 4. 5. Objectivity is not required when performing audit engagements. Accounting begins where auditing ends. An independent audit aids in the communication of economic data because the audit guarantees that financial data are fairly presented Compliance audits are used to determine the adherence to rules and regulations set by the auditor. The essence of an independent audit is to determine whether client's financial statements complied with generally accepted auditing standards. The term practitioner is narrower in scope compared to the term auditor. The responsible party may also be one of the intended users. Evidence obtained directly by the practitioner is less reliable than evidence obtained indirectly or by inference. Compared to the auditor of the past, the auditor of today focuses on the detection of fraud and 6. 7. 8. 9. error. 10. Independent audit provides absolute assurance