1. Explain the role of financial statement audits in a capitalist society including why audits of financial statements are beneficial to society as a whole. Your response should include the purpose of capital markets, the effects on the velocity of money and the standard of living.
2.Describe the five components that comprise an organization internal control and cite two factors for each of the components
3. Define the term financial statement assertions and list the financial statement assertions related to balances, transactions, events, and presentation and disclosure.