Question at position 11 Multiple Choice 0.5 points Question at position 1 Generally accepted auditing standards require that auditors always prepare and useA written planning memorandum explaining the auditors understanding of the clients business.A written client consent to discuss audit matters with prospective auditors.A written audit plan.The written time budgets and schedules for performing each audit.Question at position 22 Multiple Choice 0.5 points Question at position 2 Which of the following is not a benefit claimed for the practice of determining materiality in the initial planning stage of an audit?Being able to fine-tune the audit work for effectiveness and efficiency.Avoiding the problem of doing more work than necessary (overauditing).Being able to decide early what type of audit opinion to issue.Avoiding the problem of doing too little work (underauditing).Question at position 33 Multiple Choice 0.5 points Question at position 3 When auditing Vandalay Jewelry, Costanza, CPA, hired Benes, an expert in jewel valuation, to assist as an audit specialist for inventory valuation. Should Costanza refer to Bene's work in the audit report?Yes, the auditors report should mention the fact that an audit specialist was used.The auditors report should mention the use of the audit specialist only when the audit specialists findings affect the auditors conclusions.The use of an audit specialist need not be mentioned if the auditors decide not to take responsibility for the audit specialists findings.The auditors report should mention the audit specialist only if Vandalay agrees with the audit specialists findings.Question at position 44 Multiple Choice 0.5 points Question at position 4 Prior to accepting a new audit engagement, a public accounting firm shouldAttempt to contact the predecessor auditors.Evaluate the integrity of management.Assess the firms resources to ensure that they are sufficient to permit the firm to accept the engagement.All of the above.Question at position 55 Multiple Choice 0.5 points Question at position 5 When auditing the existence assertion for an asset, auditors proceed from theFinancial statement amounts back to the potentially unrecorded items.Potentially unrecorded items forward to the financial statement amounts.General ledger back to the supporting original transaction documents.Supporting original transaction documents to the general ledger.Question at position 66 Multiple Choice 0.5 points Question at position 6 With respect to the concept of materiality, which of the following statements is correct?Materiality depends only on the dollar amount of an item relative to other items in the financial statements.Materiality depends on the nature of a transaction rather than the dollar amount of the transaction.Materiality is determined by refere