17) When identifying audit objectives and existing controls, A) the auditor identifies controls to satisfy each objective. B) audit objectives are identified for classes of transactions, account balances, and presentation and disclosure. C) it is helpful for the auditor to use the five control activities as reminders of controls. D) all of the above 18) You are performing the audit of internal control for Clifton Company. Which of the following 18) would represent a material weakness in internal control? A) The company's CFO was indicted for embezzling from the company. B) The company's audit committee has experienced unusual turnover of members C) The CEO retired after twenty years of service to the company D) Bank reconciliations are done monthly control is a control elsewhere in the system that offsets the absence of a key control.19) 19) A(n) B) design C) alternate D) compensating A) significant 20) 20) When dealing with the documentation of internal control, A) questionnaires offer useful checklists to remind the auditor of the many different types of internal controls that should exist. B) flowcharts fail to show the segregation of duties in the company. C) in a narrative, most questions simply require a "'yes" or "no response. D) questionnaires and flowcharts should not be used together