Question1. Explain the objectives of independent audit.
Question2. Determine five ways in which an independent audit might be beneficial to entity.
Question3. List and define three assertions about classes of transactions and two assertions about account balances for period under audit.
Question4. Explain the term audit risk.
Question5. How do inherent risk and control risk differ from detection risk?
Question6. Make a distinction between errors and fraud. Provide one example of each.
Question7. List and in brief describe the three major steps in applying materiality to the audit.