Question 5 The auditor's report is the final output of the audit process. Many users of the financial statements and stakeholders have called to have a more informative and relevant auditor's report. There has been increasing criticism over standardized wording and a request for audit reports to be more transparent and tailored to individual clients, These queries have been taken into account by the International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants (IFAC) and a revised set of auditing standards on auditors' reports were issued in 2015. These are effective for companies with financial years ending on or after 15 December 2016. Required: (a) Explain the six (6) intended benefits of the new audit report. (12 marks) (b) Discuss the objective of Key Audit Matters KAM in the new audit report and the information to be include in it. (9 marks) (c) Identify the situations in which an auditor issues a qualified opinion. (4 marks) (Total 25 marks)