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1. Evaluate the following statements: I. To ensure appropriate attention is devoted to different areas of the audit. II. To ensure the audit is completed within budget and time restraints. Which is... /are the main purpose of audit planning? A. I only B. II only C. Both I and II D. Neither I nor II 2. Which of the following statements is/are correct with regard to the relationship between the audit plan and the audit strategy for an external audit engagement? I. The overall audit strategy should be more detailed than the audit plan. II. The audit strategy should be established before the detailed audit plan is developed A. I only B. II only C. Both I and II D. Neither I nor II 3. Evaluate the following statements: I. Substantive tests prior to the balance sheet date will be minimized. II. The audit procedures selected will achieve specific audit objectives. Which is/are the main purpose of audit planning? A. I only B. II only C. Both I and II D. Neither I nor II 4. Evaluate the following statements: I. This category of procedures is used to obtain an understanding of the entity and its environment, including its internal control, to assess the risks of material misstatement at the financial statement ad assertion levels. II. This category of procedures is used to test the operating effectiveness of controls in preventing, or detecting and correcting, material misstatements at the assertion level.. Which pertains to risk assessment procedures? A. I only B. II only C. Both I and II D. Neither I nor II 5. Evaluate the following statement [Show More]

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