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Question(s) / Instruction(s):

37.
easy
     The criteria by which an auditor evaluates the information under audit may vary with the information being audited.
a.     True
b.     False

38.
easy
     The criteria used by an external auditor to evaluate published financial statements are known as generally accepted auditing standards.
a.     True
b.     False

39. (SOX)
easy
     The Sarbanes-Oxley Act establishes standards related to the audits of privately held companies.
a.     True
b.     False

40. (SOX)
easy
     The Sarbanes-Oxley Act is widely viewed as having ushered in sweeping changes to auditing and financial reporting.
a.     True
b.     False

41.
easy
     Only companies that file annual statements with the Securities and Exchange Commission are required to have an annual external audit.
a.     True
b.     False

42.
easy
     The financial statements most commonly audited by external auditors are the balance sheet, the income statement, and the statement of changes in retained earnings.
a.     True
b.     False

43.
medium
     The primary purpose of a compliance audit is to determine whether the financial statements are prepared in compliance with generally accepted accounting principles.
a.     True
b.     False

44.
medium
     Results of compliance audits are typically reported to someone within the organizational unit being audited rather than to a broad spectrum of outside users.
a.     True
b.     False

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