Answer the following statements true or false if its false give the correct statement

i) The primary purpose of a compliance audit is to determine whether the financial statements are prepared in compliance with generally accepted accounting principles.

ii) The objective of the audit of financial statements by an independent auditor is to verify that the financial statements are free of misstatements and accurately represent the company's financial position and results of operations.

iii) A lack of controls over payments to vendors can cause revenue fraud.

iv)In a financial statement audit, inherent risk is evaluated to help an auditor asses the risk the internal control system will not detect a material misstatement of a financial statement assertion.

V) Results of compliance audits are typically reported to the company's management rather than to a broad spectrum of outside users.

vi) Planned detection risk determines the amount of substantive evidence the auditor plans to accumulate.