Indicate whether each of the following statements is true or false. Where you have selected false, provide a brief explanation. 1.1 The primary objective of the external audit of a company is to ensure that the company had complied with all the laws and regulations with which it must comply. 1.2 Directors report their custodianship of the business to the shareholders in the form of annual financial statements. 1.3 Assertions are the representations of the directors embodied in the annual financial statements. 1.4 Directors appoint the auditors of the business. 1.5 Shareholders and other users can assume that the amounts reflected in the annual financial statements of a company are 100% correct only if they have been audited properly. 1.6 Internal auditors are appointed by the external auditors. (10 Marks)