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1. Provide with explanation the fundamental principles as suggested by the Malaysian Institute of Accountants By-Laws . 2. Explain the main factors affecting an auditor's acceptance of audit risk. 3. Provide 5 (five) suitable ICEQ questions are suitable for a payroll audit. 4. Explain the responsibilities of the auditor in the audit of financial statements relating to going concern and the implications for the auditor's report as suggested by International Standards of Auditing 570 - Going Concern. 5. Explain the role of a professional witness in any court hearing.E. Hilldone Hotels operates a chain of 18 hotels located across Malaysia. Each hotel has bed rooms, a restaurant and sports club facilities. Most visitors to the restaurant and sports club are hotel guests; however, these facilities are open to the public as well. Hotel guests generally charge any costs to their room but other visitors must make payment directly to the hotel staff. During the year, senior management noticed an increased level of cash discrepancies and inventory discrepancies, and they suspect that some employees have been stealing cash and goods from the hotels. They are keen to prevent this from reoccurring and are considering establishing an internal audit department to undertake a fraud investigation. The directors would like the internal audit department to have as broad a role as possible, as this will make the decision to recruit an internal audit department more cost effective. Required: a} Explain how the new internal audit department of Hilldone Hotels Co could assist the directors in preventing and detecting fraud and error. [it] marks] b} Describe the limitations of Hilldone Hotels Co establishing and maintaining an internal audit department. [2U marks] c} Describe additional functions, other than fraud investigations, the directors of Hilldone Hotels Co could ask the internal audit department to undertake. [2U marks]