1) When analyzing a client's environment for potential risk, which of the following is the auditor least likely to consider?

Client's application of accounting policies Client's objectives and strategies Client's methods to measure performance Client's performance compared to competitors

2) How long must audit working papers be retained for audits of public companies?

3 years 5 years 7 years 10 years

3) In which audit procedure to gather evidence does the auditor independently perform client processes?

Inspection of records and documents Observation of processes Recalculation of accuracy Reperformance of procedures

4) When analyzing a client's industry for potential risks, which of the following is the auditor least likely to consider?

Bargaining power of customers Barriers to entry Client share of the market Strength of competitors