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ANSWER ALL FOUR FOLLOWING QUESTIONS Question 1: (25 marks) An investor is considering investing in one of two companies. The companies have very similar raported financial position and results of operations. However, only one of the companies has its financial statements audited 2. Describe what creates the demand for an audit in this situation. Include a discussion of how audited financial statements facilitate this investment transaction. (5 marks) b. What is the effect of the audit on business risk and information risk? (5 marks) c. Explain the importance of audits activities within the society. (15 marks) Question 2: (25 marks) Financial audit is an audit of financial accounting information of an entity, which covers cover the audit of financial statementList and explain the other types of audits Question 3: (25 marks) List and explain the ten PCAOB standards that the AICPA previously refers to as generally accepted accounting standards. Question 4: (25 marks) Assurance service is an independent professional service, typically provided by Chartered or Certified Public Accountants or Chartered Certified Accountant 2. Define the nature of assurance services. (12 Marks) b. Classify assurance services that involve attestation. (13 Marks) End of Questions