Which of the following is false?
A. The audit of internal control is intended to draw conclusions about the effectiveness of internal control over financial reporting as of a specific date.
B. The absence of misstatements in financial statements is considered convincing evidence that existing controls are effective.
C. Regardless of the achieved level of control risk in connection with the audit of the financial statements, auditing standards require the auditor to perform some substantive procedures for all significant accounts and disclosures.
D. The auditor is required by AS5 to evaluate the implications of the financial statement audit for the effectiveness of internal control over financial reporting.
Answer: B
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