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Mr. Mohammed, the auditor of Sunrise LLC planned the audit properly and performed it in accordance with ISA's. But some material misstatements of the financial statements could not be detected. Which one of the following is the reason for this? Inherent limitation of an audit Deficiencies in internal control Inherent limitation of an internal control Internal control is not effective As per ISA 700, which one of the following is addressee of auditor's report? Those Charged with Governance of the Entity It depends upon circumstances of the engagement Government and stock exchange Members of the Entity In establishing the overall audit strategy, the auditor shall: 1. Identify the characteristics of the engagement that define its scope 2. Ascertain the nature, timing and extent of resources necessary to perform the engagement 3. Ascertain the reporting objective of the engagement to plan the timing of the audit and the nature of the communication required 4. Consider the factors that in the auditor's professional judgement are significant in directing the engagement team. 1, 2 and 3 only 1 and 2 only 3 only 1,2,3 and 4 Question 8