QUESTION 1 (30 marks) a. Your friend Mayford Green, has just received an annual report as a shareholder of Make-it-happen, a company listed with the Namibian Stock Exchange. He is not clear on some auditing matters especially on the types of audit reports and their implications. He has asked you to help clarify such issues for him, but has particularly asked you to answer this specific question: "The audit report Make-it-happen received is unmodified. Does that mean that the has been eliminated, there are no errors and material irregularities, that he is assured that if he invests more money in this company by buying more shares he will not experience any losses and will therefore get maximum returns?" Required: Comment on Mayford Green's view of the objective of an audit. (9) ii. Outline the duties and responsibilities of an auditor. (5) b. The auditor is often described as the guard dog of his/her client and the public in general. As such, an audit increases credibility of the financial statements and plays an important role in the capital markets of the world. Required: i. List the possible benefits of an audit. You are required to name the parties that will benefit from an audit. (8) ii. Describe the four characteristics by which a profession is distinguished. (8)