Answer the Following Questions in detail

1. Differentiate between Auditing and Accounting

. 2. What are different Types of Risks? Explain the importance of auditing in reducing information risk, the causes of information risk, and explain how this risk can be reduced.

3. What do you understand by Quality Control Standards & Practices within the Accounting Profession?

4. What do you understand by the term Audit Report?

5. What the 4 Categories of Audit Report? Briefly Explain

6. What is an Unqualified/Clean Report? and Qualified Report? Give Examples for each

7. What are the parts of the Unqualified Audit Report ?

8. What is Going Concern Principle? What are the implications of this principle? How does it affect Balance Sheet explain briefly? What are the responsibilities of an Auditor if this is at stake?

9. What is MATERIALITY in Auditing? Explain how MATERIALITY affects audit reporting decisions in details.