TRUE OR FALSE, IF FALSE CHANGE THE STATEMENT SO IT BECOMES TRUE

20. When auditing a firm with an integrated computer system it is important to compure data on separate tiles: 21. A comfort letter is a letter to shareholders regarding compliance with the Securities Act of 1933 22. Personal financial statements include an Incotne Statement and Balarice Shect. 23. To verify the account, "Appropriation of Retained Farnings For Plant Expansion", an anditor would ask the company CFO to verify the appropriation. 24. An organization that manages the legal records which include the names of the sharcholdens of a company is the specialist on the stock exchange. 26. The transactions involving purchase orders being feceived by other companies should be rcconciled by comparing the accounts payable ledger with the sales journal. 26. The issuance of long-term debt is authorized by the bond holders. 27. 1/sing Figure 9.4 with a risk of assessing control risk too low, assume that auditors expect the deviation rate in the population to be 1% and a 7% tolerable deviation rate to justify thcir planned assessed ievel of control risk related to the control. Under theic assumptions, the sample size would be 156 which must contain no more than 2 control deviations. 28. Based on the questions above, instead three (3) deviations are found in the sample. Uising Figure 9.5, the tolcrable deviation rate would be increased to 11.5%. 29. The database administrator in the IT Dept. of a company runs and monitors central computers in accordance with standard instructions. 30. Evidence of property ownership is best obtained by reviewing construction contracts used to briid the company facilities