1. List few preventive steps an auditor should take when there is a high risk level of management fraud. 2. Audit objectives are related to management assertions. List and explain each management assertion related to account balances at Dec. 31. And give two examples for each one? 3. In the audit of purchases, differentiate between the existence and completeness transaction - related audit objectives. State the effect on the purchases account (overstatement or understatement) of a not following of each objective