ons: 1) What is the purpose of an audit? (4 marks) 42) What is the primary purpose of an audit to be performed under PCAOB? (4 3) What are the main premises for an audit of financial statements? (6 marks) 4) What are the key attributes an auditor should have in order to conduct his audit marks) work in accordance with the relevant standards? (6 marks) 5) Explain the meaning and importance of auditor's independence. (4 marks) 6) Explain the responsibilities of the auditor with respect to the compliance of the client with laws under the generally accepted auditing standards. (8 marks) 7) Identify the main sections of an audit report. (8 marks) 8) Explain the purpose and meaning of each section on the audit report (10 marks) 9) List the different types of audit reports. (8 marks) 10) Explain the when each type of audit report is issued. (10 marks) 11) Identify the relevant organization which can authorize individual CPAs to practice.(4 mark) 1 12) Identify the organization that is responsible for inspecting audit firms that conduct audits of public companies. (4 mark) 13) Identify two financial statement assertions made by the management and briefly explain their meaning. (8 marks) 14) Identify two firm characteristics indicative of high inherent risk and explain why this is likely to be the case? (8 marks) 15) Briefly explain how can reduce audit risk? (8 marks) End