Discuss the importance and types of audits in an organisation. Suggest the possible issues related to the financial statement audit and give recommendations to overcome the possible issues.

1. Description on the importance of audit in an organisation.
2. Discussion on the purpose of the financial statement audit.
3. Able to discuss four possible issues related to financial statement audit.
4. Able to suggest four recommendations to overcome the possible issues.
5. The summary covered all of the key points.