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FACULTY OF COMMERCE, MANAGEMENT AND LAW OLD CURRICULUM MODULES Question 5 (10 marks) (a)State whether the statement is true or false: (5) (b) You are the audit partner in Jason \& Associates. Jason \& Associates have accepted a recent engagement for a retail company called, Food Co-op. You have obtained the Annual Financial Statements of Food Co-op and studied the opening balances. As part of the audit plan you have decided to place reliance on the work of the prior auditors. Explain what are the main procedures you would have to perform to place reliance on the work of the prior auditors, i.e. in this case the opening balances