Auditing Practice Questions:

15. T/F. Data-driven attack is another name for cyber attack. 16. Detecting expected misstatements in financial audit depends on: a. The previous misstatements in audited financial statements; b. The effectiveness of expanded substantive tests in subsequent audits; c. Soundness of professional judgment of the audit staff d. A and b above e. None of the above. 17. T/F. A primary objective of analytical procedure used in the final review stage of an audit is to identify account balances that represent specific risks relevant to the audit. 18. Substantive Audit Plans for Payables and Long-term Liabilities will include: a. Obtaining schedules of short term liabilities and long-term liabilities as well; b. Confirmation of account balances, interests, and frequency of payments; c. Review bank holdings with respect to collaterals pledged for debts; d. Review credit rating of the company; e. Only a,b, and c