Question 1
Management's report on internal controls must identify the framework used to evaluate the effectiveness of internal controls, and this framework may include other internal control frameworks which exist around the world.
◦ true
◦ false
Question 2
Once the auditor is satisfied with the transaction-related controls in the revenue and accounts receivable area, it is not important for the auditor to gain an understanding of the controls that exist over the ending account balances and the related disclosures made in the financial statements.
◦ true
◦ false