TRUE OR FALSE 1. The audit process is a structures series of steps taken by the auditor to achieve his audit objectives. 2. Assertions relating to classes of transactions generally relate to line items presented in the statement of financial performance while assertions relating to account balances generally relate to line items presented in the statement of financial position. 3. Management has the responsibility for the preparation and presentation of the face of financial statements which allows the auditor to prepare the related disclosures. 4. Management has the responsibility to provide the auditor with unrestricted access to any information maintained by them. 5. Audit evidence serve as the basis in expressing the opinion required by the audit of financial statements. 6. Risk assessment procedures are performed to obtain understanding of the entity that lead to the identification of risk of material misstatements at the assertion level. 7. Substantive procedures are designed to detect material misstatements at the financial statement level. 8. Observation consists of looking at a process or procedure being performed by others. 9. Confirmation is a specific type of inquiry to obtain representation of information or of an existing condition from management. 10. The audit process is comprised of two sub-phases namely, investigative phase and reporting phase