Question

Question 8  

All audit procedures need to be performed after the balance sheet date and before the issuance of the GAAP financial statements.   

• True

• False

Question 9  

The quantity of audit evidence needed when testing an account balance is influenced by the risk of material misstatement in that account

• True

• False

Question 10  

When testing the operational effectiveness of a control, the frequency with which the control is performed can influence the sample size to be used by the auditor.   

• True

• False

Question 11  

When relying on the work of an audit specialist, the auditor has a responsibility to evaluate the professional qualifications of the specialist.   

• True

• False

Question 12  

When the auditor uses the work of an audit specialist, the auditor’s responsibility for the audit opinion is reduced.  

• True

• False

Answer 1

8. False. The auditor need not perform all audit procedures after balance sheet date and before the issuance of GAAP financial statements as per AU 560

9.True

10.True

11.True