QUESTION 46 Sampling for testing the effectiveness of controls is also known as monetary unit sampling. O True O False QUESTION 47 External auditors provide complete assurance that the financial statements are free of material misstatements. O True O False QUESTION 48 The users of financial statements can tend to believe that an unqualified report means investments decisions can be based on such report with no consequences. This creates an expectation gap. O True O False QUESTION 49 A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely basis. O True O False QUESTION 50 An external auditor validating that a company has an effective internal control can draw a conclusion that the financial statements are free of material misstatements due to the effective controls. O True O False