Q.1 (3 marks- from ch.5) The best means of verification of cash, inventories, office equipment, and nearly all other assets is a physical count of the items, only a physical count gives the auditors complete assurance as to accuracy of the amounts listed on the balance sheet." Evaluate this statement. Q.2 (3 marks- from ch.5) Should the auditors prepare adjusting journal entries to correct all errors they discover in the accounting records for the year under audit ? Explain Q.3 (2 marks- from ch.5) Identify and describe the two components of the risk of material misstatements. Q.4 (4 marks- from ch.7-internal control) Audits are required to consideracions intomalt Describe the two purposes of the dinons consideration of a dient's internal control Even the best internal control has certain lination List three of those limitation 0.5 (3 marks- from ch.9) Audit sampling is used in conjunction with many audit tests, and may be performed on a statistical or nonstatistical basis. a. Define the term audit sampling, b. List and explain two advantages of the use of statistical sampling as compared to non statistical sampling