(i). ISA 315 identifying and Assessing the Risk of Material Misstatement through understanding the entity and its environment requires auditors to obtain an understanding of the entity and its environment, including its internal controls. Explain why obtaining an understanding of the entity and its environment is important for the auditor. (ii) Define materiality and explain how the level of materiality is assessed. (iii) Distinguished between Professional Judgement and Professional Skepticism. (iv) Explain the concept of TRUE and FAIR presentation.(v) Internal audit can be involved in many different assignments as directed by management. Explain two (2) of these assignments. (vi) Describe a review engagement and explain the level of assurance given in such an engagement.(vii) Describe each of the five fundamental principal of IESBA's Code of Ethics for professional Accountants.