1. The purpose of an audit is to express an opinion on whether the financial statements are in accordance with GAAS.
True
False
2. Assertions relating to the financial statements are set forth by the auditor.
True
False
3. An audit should test every item in the financial records of the client.
True
False
4. The completeness assertion posits that all transactions and events that should have been recorded were recorded.
True
False
5. Audits of issuers must follow the standards of the Public Company Accounting Oversight Board.
True
False