nstruction: Answer all Questions 1. The London, Tokyo and New York Stock Exchanges, Ghana, among others, require an annual audit of the financial statements of companies whose securities are listed on it. What are the possible reasons for this? (5 marks) 2. Distinguish between absolute and reasonable assurance. Identify the type of assurance that is expected in an audit of the financial statements, clearly outlining the reasons to justify your point of view. (6 marks) 3. Four friends who are auditing students have a discussion. Evans says that the primary responsibility for the adequacy of disclosure in the financial statements and footnotes rests with the auditor in charge of the audit field work. Mercy says that the partner in charge of the engagement has the primary responsibility. Abdul says the staff person who drafts the statements and footnotes has the primary responsibility. Peter contends that it is the client's responsibility. Required: Page 1 of 2 Which student is correct and why