Financial Reporting on the Internet (STC)

6- Reliable accounting and financial reporting aids society in allocating resources in an efficient manner. Explain why audits are demanded by society? Support your answer from the Annual report of 2020 of STC? (10 marks) 7- Financial statement assertions are important to auditors because they should consider audit risk at the assertion level for all significant account balances, transaction classes, and disclosures. Identify and explain the components of audit risk and provide evidence from Annual report of STC. (10 marks)