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goods stored in public warehouses. 4. The receiving department should accept only goods for which there is an approved purchase order on hand. 5. A major control procedure related to plant and equipment is a budget for acquisitions and disposition. 6. The primary purpose of internal control over plant and equipment is to safeguard the assets from theft. 7. Confirmation of accounts payable is a required generally accepted auditing procedure. 8. The assertion most directly addressed when performing the search for unrecorded liabilities is completeness. 9. Existence is of principle concern to the auditors in the examination of accounts 10. Audit reports should be dated as the date on which sufficient appropriate audit been collected. 11. If financial statements of a public company fail to disclose a material fact, the aua disclose the information in an additional paragraph added to the report and, depending u materiality, issue either a qualified opinion or adverse opinion on the statements. 12. The Sarbanes-Oxley Act shifted a majority of the responsibility for maintaining internal control from management to the auditors. 13. Independence is required for the performance for some, but not all assurance services. 14. Deficiencies in internal control identified by the auditor that are lesser than significant deficiencies must be communicated to management, and the audit committee need only be informed of the communication to management. 15. If audited financial statements include a balance sheet and an income statement, but do not include a statement of cash flows, the auditors should issue a qualified report for the departure from generally accepted accounting principles. 16. The auditors' search for unrecorded liabilities is completed subsequent to the balance sheet date. 17. In evaluating whether there is a sufficiently low probability of material misstatement in the the auditors accumulate factual, judgmental and projected financial statements, misstatements and an allowance for undetected misstatements in the financial statements. 18. When the auditors cannot observe ending inventory nor confirm accounts receivable and cannot obtain sufficient evidence using alternative procedures, the auditors should disclaim an opinion. 19. The subsequent events might require an adjustment to the client's financial statements, when a major customer declares bankruptcy causing a material receivable to be uncollectible, 20. When there is substantial doubt about a company's ability to remain a going concern, with the matter properly disclosed in the financial statements, the report issued is unmodifiec with an emphasis-of-matter paragraph or a disclaimer of opinion. goods stored in public warehouses. 4. The receiving department should accept only goods for which there is an approved purchase order on hand. 5. A major control procedure related to plant and equipment is a budget for acquisitions and disposition. 6. The primary purpose of internal control over plant and equipment is to safeguard the assets from theft. 7. Confirmation of accounts payable is a required generally accepted auditing procedure. 8. The assertion most directly addressed when performing the search for unrecorded liabilities is completeness. 9. Existence is of principle concern to the auditors in the examination of accounts 10. Audit reports should be dated as the date on which sufficient appropriate audit been collected. 11. If financial statements of a public company fail to disclose a material fact, the aua disclose the information in an additional paragraph added to the report and, depending u materiality, issue either a qualified opinion or adverse opinion on the statements. 12. The Sarbanes-Oxley Act shifted a majority of the responsibility for maintaining internal control from management to the auditors. 13. Independence is required for the performance for some, but not all assurance services. 14. Deficiencies in internal control identified by the auditor that are lesser than significant deficiencies must be communicated to management, and the audit committee need only be informed of the communication to management. 15. If audited financial statements include a balance sheet and an income statement, but do not include a statement of cash flows, the auditors should issue a qualified report for the departure from generally accepted accounting principles. 16. The auditors' search for unrecorded liabilities is completed subsequent to the balance sheet date. 17. In evaluating whether there is a sufficiently low probability of material misstatement in the the auditors accumulate factual, judgmental and projected financial statements, misstatements and an allowance for undetected misstatements in the financial statements. 18. When the auditors cannot observe ending inventory nor confirm accounts receivable and cannot obtain sufficient evidence using alternative procedures, the auditors should disclaim an opinion. 19. The subsequent events might require an adjustment to the client's financial statements, when a major customer declares bankruptcy causing a material receivable to be uncollectible, 20. When there is substantial doubt about a company's ability to remain a going concern, with the matter properly disclosed in the financial statements, the report issued is unmodifiec with an emphasis-of-matter paragraph or a disclaimer of opinion

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