Which of the following is not a response to risks assessed at the planning phase of the audit?

A. Using experts.

B. Communicating with the previous auditor.

C. Providing supervision.

D. Performing substantive tests at balance date.

For the audit of an Australian public company, Australian Auditing Standards provide the suitable criteria

True

False

Initial audit planning includes selecting the members of the engagement team

True

False

The audit strategy is briefly outlined in the Audit Engagement Letter.

True

False

One reason for an auditor gaining an understanding of the clients means of measuring its financial performance is that some performance measures may motivate managers to make accounting policy choices that benefit them at the expense of the company.

True

False

External information sources used by the auditor at the planning stage of the audit include newspapers and other media.

True

False

When planning an audit, decisions made by the auditor concerning materiality, audit risk and audit evidence cannot be made independently of each other.

True

False

Business risk is evaluated by the auditor because all business risks that are not dealt with will result in misstatements in the financial report.

True

False

ASQC 1 requires audit firms to have quality control procedures regarding client acceptance.

True

False

The term, fraud triangle refers to the relationship between client, the perpetrator of the fraud and the auditor

True

False

The Directors Declaration must be signed on or after the date on which the auditor signs the Audit Report.

True

False