Extracts from the draft audit report produced by an audit junior are given below: We have audited the accompanying financial statements of Hood Enterprises Limited which comprise..We have also evaluated the overall adequacy of the presentation of information in the company's annual report.' Auditors Responsibility .We conducted our audit in accordance with Auditing Standards. Those standards require that we comply with ethical requirements and plan and perform the audit so that we can confirm the financial statements are free from material misstatement. The directors however are wholly responsible for the accuracy of the financial statements and no liability for errors can be accepted by the auditor. An audit involves performing procedures to obtain as much audit evidence as possible in the time available about the amounts and disclosures in the financial statements. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of all accounting estimates made by management as well as evaluating the presentation of the financial statements...

Required The extract above contains several errors Identify and explain these errors.

Note. You are not required to redraft the report