QUESTION 11 The components of internal controls include: a. All of the above O b. Control activities O c. Monitoring O d. Information and communicationQUESTION 15 The parties that can intervene in a disagreement between the auditor and the client (organization) include: I. Audit Committee ll. Investors lll. Creditors O a. I, II and III 0 b.| O C. II and Ill 0 d.| and II QUESTION 16 Audit failure can lead to auditor liability but not audit tirm liability. 0 True 0 False QUESTION 18 If the auditor determines that there is a signicant amount of subjectivity in the accounting process, the auditor would: 0 a. The auditor would conduct a more rigorous substantive testing 0 b. The auditor would assess control risk at low 0 c. The auditor would decide against conducting control testing 0 d. The auditor would assess inherent risk as high QUESTION 19 Public company management biases can pose a threat to the credibility of financial statements. 0 True False QUESTION 20 All of the following are principles associated with risk assessment except: 0 a. Board Oversight O b. Assessing risks associated with the achievement of organizational objectives (9 c. Identification and assessment of changes that could significantly impact the organization 0 d.Assessing fraud risks