QUESTION 26 Client acceptance and continuance decisions is the first phase of the audit opinion formulation process. O True O False QUESTION 27 The users of financial statements filed a lawsuit against BYD Auditors citing increased complexity of accounting standards as the basis for the lawsuit. The users' basis for the lawsuit is justified. O True O False QUESTION 28 A low of risk of material misstatement implies high inherent and control risks. O True O False QUESTION 29 Simmons Group, a privately held company is audited by Songsu Auditors (Songsu). Songsu is required to abide by the auditing standards of the PCAOB. O True O False QUESTION 30 To keep detection risk levels at a high and audit risk at an acceptable level, it implies the inherent and controls may have been assessed at low levels. O True O False