QUESTION 1 The purpose of an audit is to express an opinion on whether the financial statements are in accordance with GAAS. True False QUESTION 2 Assertions relating to the financial statements are set forth by the auditor. True False QUESTION 3 An audit should test every item in the financial records of the client. True False QUESTION 4 The completeness assertion posits that all transactions and events that should have been recorded were recorded. True False QUESTION 5 Audits of issuers must follow the standards of the Public Company Accounting Oversight Board. True False Solution 1. True 2. True 3. True 4. False 5. True .