Many first-level managers perform both managerial functions and operative tasks

The steps that an audit firm should take prior to accepting an audit engagement include all of the following except

A. Evaluating the integrity of the client's management. B. Obtaining a sufficient understanding of the entity and its environment. C. Evaluating independence. D. Assessing the firm's competence to perform the audit.

The marginal tax rate would equal the average tax rate for firms with earnings less than $50,000 or more than $18,333,333

Indicate whether this statement is true or false.