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1 The unpaid fees ruling does not apply to unbilled fees.

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True

False

2

The unpaid fees ruling does not apply to unbilled fees.

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True

False

3

The form of the audit program will vary with the circumstances of the audit.

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True

False

4

Ethics deals with how people act towards one another.

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True

False

5

The auditor of a public company is responsible for issuing more opinions than the auditor of private company.

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True

False

6 Observing relates to watching or witnessing the performance of an activity or process.

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True

False

7

Auditors are responsible for planning and performing an audit to obtain reasonable assurance that the financial statements are free of material misstatement.

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True

False

8

An important function of working papers is to document audit decisions.

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True

False

9

Tracing produces primarily analytical evidence.

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True

False

10

One of the distinguishing characteristics of any profession is the existence of a code of professional conduct for its members.

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True

False

11

An examination consists primarily of inquiries of an entity's management and comparative analyses of financial information.

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True

False

12

An engagement letter constitutes a legal contract between the auditor and the client.

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True

False

13

The concept of reasonable assurance does not guarantee the accuracy of the financial statements.

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True

False

14

The auditor's report should make explicit reference to the management responsibility for the financial statements.

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True

False

15

Recalculation consists of checking the mathematical accuracy of workpapers.

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True

False

16

If management concludes adequate disclosures in the financial statements concerning the entity's ability to continue as a going concern, the auditor would issue a qualified opinion on the financial statements with an additional paragraph explaining the going concern uncertainty.

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True

False

17

Inquiring involves only written inquiry by the auditor.

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True

False

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