1.The auditor is more concerned with contingencies that existed before the end of the audit field work than contingencies that existed at the balance sheet date. True or False?

2.Increase in inventory is one of the fraud risk considerations of the auditor. True or False?

3.The valuation or allocation assertion relevant to accounts payable ensures that recorded balances reflect the true underlying economic value of the assets. True or False?

4.In the event there are no material violation of generally accepted auditing principles, the audit will issue an unqualified report. True or False?

5.Capitalized assets should not be expensed as repairs and maintenance. True or False? .