When auditing financial instruments, the most difficult objective to test is existence

Under the Homeowners 3 policy, personal property is insured against damage from all of the following perils EXCEPT:

a) fire b) earthquake c) windstorm d) explosion

Because the value of hard currencies can fluctuate in the world economy, firms can manage their currency risk by engaging in various hedging strategies in world money markets

Indicate whether the statement is true or false