Reference no: EM132779745

Problem 1: The greatest impact on audit efficiency comes from the risk(s) of:

Select one:

Option 1: underreliance and incorrect acceptance.

Option 2: overreliance and incorrect rejection.

Option 3: underreliance and incorrect rejection.

Option 4: overreliance and incorrect acceptance.

Problem 2: For subsequent events occurring during the post-audit period, auditors have a responsibility to:

Select one:

Option 1: examine only events that come to their attention.

Option 2: examine only events that come to their attention and that existed at the date of the auditor's report.

Option 3: discover and evaluate all subsequent events that may have a material effect on the financial statements.

Option 4: none of the above.