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REQUIRED: For each of the following items, indicate whether it is (T) True or (F) False. For those marked "False," identify the error(s) and indicate the change or changes that are needed to make the statement true.
1. The existence or occurrence assertion, by its nature, extends only to physical assets such as cash and inventory.2. The completeness assertion relates primarily to possible overstatements in the financial statements.3. The rights and obligations assertion pertains only to balance sheet components.4. Reasonableness of management's accounting estimates is covered by the existence or occurrence assertion.5. When sampling is used, the auditors must project unknown misstatements on the population as a whole.6. In the professional standards, audit risk is defined as the risk that the auditor will appropriately modify his or her opinion on financial statements that do not contain a material misstatement.7. Assertions regarding consistency in the application of accounting principles are included in assertions about completeness.8. The existence assertion pertains to whether items included in inventory are valid but does not extend to whether the reported dollar amount is the correct amount for the inventory items.9. Understandability is defined as the quality of information that allows users to perceive its significance.10. Business risks are the operational approaches by which management intends to achieve its objectives.11. The performance of tests of controls is required in a financial statement audit.12. Substantive tests provide evidence as to the fairness of management's financial statement assertions.13. The final key element of the audit involves communication of findings.14. The primary communication of audit findings is contained in the auditor's report on financial statements.15. CPAs normally use engagement letters to describe the scope of services and fee arrangements.
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