LEVEL 7 |: Auditing is defined as a "systematic process of objectively obtaining and evaluating evidence regarding assertions..." What is meant by "systematic process"? 1. All audits involve obtaining the same evidence. 2. All audits involve evaluating evidence in the same manner. 3. There should be a well-planned approach for obtaining and evaluating evidence. 4. All assertions are equally important for all audits.

Fundamental concepts in conducting a financial statements audit are: 1. Audit risk, materiality, and evidence 2. Audit risk, independence, and responsibility 3. Materiality, sampling, and evidence 4. Audit risk, materiality, and independence.

A primary purpose of internal controls is to 1. Avoid clerical errors. 2. Form a basis for evaluating employees. 3. Monitor production quality. 4. Meet objectives of maintaining reliable documents and records and accurate financial reporting.

I do not want any explanation or clarification. I just want the right choice.