Which statement is NOT true? Auditing is focused on testing the accuracy of financial statements Financial accounting applies rules in constructing financial statements Financial accounting is focused on compiling financial data into financial statements Understanding auditing does not help better understand financial accounting When deciding whether to accept a new client, the audit firm should ask themselves: do we have the ability to perform the engagement? Which of the following items does not line up with this questioning process? Do we have the technical skill and knowledge of industry and subject matter? Do we have the information needed to determine if the company cash balance is reported accurately? Do we have employees with experience of relevant regulatory and reporting requirements? Do we have the necessary personnel with competence and ability? Which of the following is NOT a way that the increase in technology benefits internal controls? Greater timeliness, availability, and accuracy of information Enhanced segregation of duties through security controls in applications, databases, and operating systems Greater ability to monitor the entity's activities, policies, and procedures on a timely basis Complexity in assigning user authorizations Partner duties as part of an audit team generally do not include: Supervising and reviewing the audit team and their working paper Overseeing the planning process Agreeing to the scope and the service to be provided Adding up ledger balances to verify that they agree with report totals Select the item that describes the audit process for accounts payable and accrued expenses related to the assertion of completeness: Accounts payable and accrued expenses are obligations of the entity All accounts payable and accrued expenses have been recorded Related disclosures to accounts payable and accrued expenses have been measured and described Accounts payable and acerued expenses are valid liabilities