Question 1 (12 marks) The audit student has the following view on audit. In conducting an audit of financial statements, the overall objectives of the auditor are: (1) To obtain absolute assurance about whether the financial statements have no fraud or error, thereby enabling the auditor to ensure the financial statements are prepared, in all material respects, in accordance with an applicable financial reporting framework; and (i) To prepare the financial statements, and communicate as required by the HKASs. (a) Is the student's understanding on the overall objectives of the auditor correct? If not, make all necessary corrections you deem necessary. (5 marks) (b) Is the assurance level correct? If yes, what should the auditors do to achieve it? If no, state the correct assurance level and the reasons why only such level is achievable for audit purpose. (7 marks)