Modified True / False . The statements below are either true or false. In the space provided, please type the word true or false to indicate your answer. If the statement is false, then correct the statement, so that it is true.

_______ 1. An auditor that has issued an unqualified opinion in a certified audit may not also provide any other services since this would create a conflict of interest.

_______ 2. An accountants compilation report is less comprehensive than a review.

_______3. An auditors report on compliance with contractual or regulatory requirements must be prepared by a different CPA firm than the one preparing the audit of the financial statements.

_______4. The Sarbanes-Oxley Act requires that companies document and test to support managements assertion about the effectiveness of internal control.

_______ 5. The best audit evidence proving the existence of a partnership is the Official /Legal Notices section of the newspaper.

_______ 6. Audit data analytics is not permitted as a risk assessment procedure.

_______ 7. An assertion is a declaration about whether the subject matter presented is in accordance with certain criteria.

_______8. An IRS Field Audit of a taxpayers Form 1040 is a specialized audit called an operational audit.

_______9. Independent estimates of depreciation should be considered despite a well-calculated amount proposed by management.

_______10. Inventories should only include finished goods or goods for resale.