Question 19 (1 point)

How long do auditors have after the report release date to complete the audit file by assembling the final set of audit documentation?

Question 19 options:

	15 days
	30 days
	45 days
	60 days

Question 20 (1 point)

When analyzing a client's environment for potential risk, which of the following is the auditor least likely to consider?

Question 20 options:

	Client's application of accounting policies
	Client's objectives and strategies
	Client's methods to measure performance
	Client's performance compared to competitors

Question 21 (1 point)

In which audit procedure to gather evidence does the auditor obtain a written representation letter?

Question 21 options:

	Analytical procedures
	External confirmation
	Inquiry of knowledge
	Inspection of records and documents

Question 22 (1 point)

Which of the following is an incorrect reason to revise an audit engagement letter?

Question 22 options:

	Change in the audit fees
	Change in reporting requirements
	Change in the senior management
	Change in the size of the client

Question 23 (1 point)

In which step of the audit do auditors learn about the client's internal control environment?

Question 23 options:

	Assess the risk of misstatement
	Form an opinion
	Obtain an understanding of the client
	Perform further audit procedures

Question 24 (1 point)

When analyzing a client's nature for potential risks, which of the following is the auditor least likely to consider?

Question 24 options:

	Process used to create demand for products
	Process used to identify competitors' products
	Process used to purchase materials
	Process used to test products

Question 25 (1 point)

Which of the following risks do auditors face when deciding whether or not to accept a new client?

Question 25 options:

	Engagement risk
	Financial statement risk
	Fraud risk
	Prospective client risk