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Explain how appropriate competence and capabilities contribute to a PA's qualifications to conduct a financial statement audit. What are the various ways in which PAS fulfill these responsibilities? Explain how appropriate competence and capabilities contribute to a PA's qualifications conduct a financial statement audit. Choose the best answer below. O 1. Appropriate competence and capabilities make easier for auditors to detect fraud. 2. Appropriate competence and capabilities can help auditors make chain of command decisions. 3. Appropriate competence and capabilities can help auditors with assessing a peer's engagement. 4. Appropriate competence and capabilities can help auditors be technically qualified and experienced in those industries in which their clients are engaged. What are the various ways in which PAS fulfill these responsibilities? Select all that apply. 1. Auditors develop their competency and capabilities for performing an audit through formal education in auditing and accounting, adequate practical experience, and continuing professional education. 2. Auditors can demonstrate their competence by completing a tutorial and answering questions on a test issued by the auditor's firm. 3. Auditors can demonstrate their proficiency by becoming licenced to practise as CPAS, which requires successful completion of the Uniform CPA Examination. Auditors have to follow specific requirements for licensure which vary from province to province. 4. Auditors can demonstrate their competence by observing an engagement lead b a peer, taking notes, and describing how the situation should be approached