TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false. 11) 11) PCAOB auditing standards require the auditor to communicate key audit matters or critical audit matters in the standard unqualified audit report. 12) ) 12) Current professional auditing standards mandate the use of analytical procedures during the testing phase of the audit. 13) 13) Financial statement disclosure is required if the likelihood of occurrence of an event is probable, reasonably possible, or remote. 14) 14) The American Bar Association has refused to amend its attorney-client confidentiality rules to permit attorneys to breach confidentiality if a client is committing a crime or fraud. 15) 15) The Securities and Exchange Commission has established regulations about the presentation of non-GAAP financial measures included in financial statements which include such measures should be relevant and reliable measures that do not mislead investors. 16) 16) The letter of representation is prepared on the CPA firm's letterhead, addressed to the client's chief executive officer, and signed by the audit engagement partner. 17) 17) As part of phase IV of the audit, auditors evaluate evidence they obtained during the first three phases of the audit to determine whether they should perform additional procedures for presentation and disclosure-related objectives. 18) 18) If an auditor discovers that previously issued financial statements are misleading, the most desirable approach to follow is to request that the client issue an immediate revision of the financial statements containing an explanation of the reasons for the revision. 19) 19) The accounting standards state that management is responsible to evaluate the entity's ability to continue as a going concern within one year after the date the financial statements are issued. 20) 20) The issuance of bonds by the client subsequent to the balance sheet date would require a footnote disclosure in, but no adjustment to the financial statements under audit