T/F for the following

QUESTION 21 Under the valuation assertion, all required transactions and accounts are included in the financial statements. True False QUESTION 22 Appropriate audit evidence provides a measure of the quantity of the evidence. True False QUESTION 23 External auditors rely extensively on the work of internal auditors during the execution of financial statement audits. True False QUESTION 24 The objective of performing substantive procedures is to evaluate the operating effectiveness of controls. True False QUESTION 25 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. True FalseQUESTION 26 Most users of financial statements have detailed knowledge of the operations of businesses and as a result do not need the opinion of external auditors in order to make informed decisions. True False QUESTION 27 Sampling for testing the effectiveness of controls is also known as monetary unit sampling. True False QUESTION 28 The external auditor must perform a brainstorming session with the client in order to plan the procedures to be performed. True False QUESTION 29 ABC Electric (ABC) entered into an agreement with AB Audit Firm (AB), for AB to perform external audit services. AB delayed issuing the audit report for three months, violating the terms of the agreement with ABC. ABC sues AB for fraud. The fraud lawsuit by ABC is justified under this circumstance. True False QUESTION 30 Auditing is the process of guaranteeing the accuracy of the financial statements. True False