QUESTION 4 [TOTAL MARKS: 25] Tener Limited has elected to prepare accounts using International Financial Reporting Standards (IFRSs) and is a private company located in Thurles, Co. Tipperary. An audit junior has prepared the below extracts from sections of the audit report for Tener Limited, whose financial year-end is 31/08/21. You as an audit senior have the task of reviewing the auditor's report prepared by the Junior staff member. Extracts from working papers: I a) in our opinion the financial statements are correct. b) We the auditors guarantee that the financial statements are true and fair. c) We notice that the accounting policies adopted by the directors are in line with previous years and there is no further need for review. d) As stated in the companies acts, the auditor is responsible for detecting fraud and must endeavour to uncover as much fraud as possible during the audit. Requirement: The four extracts above require amendment. You are asked, as the audit senior lo explain the deficiencies above. detailing why the matter is deficient. Note: You are only required to address the deficiencies in the aforementioned sections of the Auditors Report (matters on which the auditor is required to report by the companies act and by exception