5″�36 Comment on the reliability of each of the following examples of audit evidence. Arrange your answer in the form of a separate paragraph for each item. Explain fully the reasoning employed in judging the reliability of each item. 5-49 Audit risk should be considered when planning and performing an audit of financial statements in accordance with generally accepted auditing standards. 6″�25 Mary Deming has been asked to accept an engagement to audit a small financial institution. Deming has not previously audited a financial institution. 6″�26 Assume that you have been assigned to the audit of Lockyer Manufacturing Company. You have completed the procedures for gathering information about the company and its environment, including internal control.
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