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TRUE OR FALSE 62. Tests of unrecorded assets typically involve tracing from source documents to...

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Accounting

TRUE OR FALSE

62. Tests of unrecorded assets typically involve tracing from source documents to the general ledger.

63. Auditors should accept no more than 5% detection risk if they want overall audit risk to be at a 95% confidence level and they assess both control risk and inherent risk at maximum levels.

64. International Financial Reporting Standards are more detailed than current U.S. GAAP.

65. Analytical procedures are typically applied by auditors only at the end of the audit.

66. Lawsuits against CPA firms are more frequent by tax clients but more severe ($$) by audit clients.

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