QUESTION 16 Under the valuation assertion, all required transactions and accounts are included in the financial statements. O True O False QUESTION 17 The underlying data used in evaluating an account needs to be both relevant and reliable. True O False QUESTION 18 In trying to understand the internal controls of Raymond & Jay, the external auditor performed walkthroughs and also made inquiries. The walkthroughs and inquiries are considered appropriate approach by the external auditor. O True O False QUESTION 19 Sufficient controls incorporated into computer processing is an example of a weakness in operation of controls. O True O False QUESTION 20 Attribute sampling is appropriate for account balance testing. O True O False