1. Modified True/False - There are 30 statements below. If they are "true", then write the word "true" in the space provided. If the statement is false, you must change the statement. so that it is becomes "true". Only half- credit will be given, if you do not correct the false statement. (30 questions, 2 points each, 60 points total). functions. 6. An audit examination does not require an auditor's opinion. 7. Trust services provided by an auditor refers to estate and financial planning 8. In assessing internal control over notes receivable, the file containing the notes is administered in the Cashier's Office. This is an example of good segregation of duties. 9. The McKesson-Robbins case affirmed the auditor's need for observation of the physical inventories. 10. Unadjusted COGS includes net amounts for over- or under-applied overhead. 11.A new auditor may never accept beginning inventory balances