QUESTION FOUR Consider the following statements: 1) Assertions for the basis of the financial statements. 2) An auditor must act exclusively as an auditor in order to be able to offer an independent and objective opinion on the fair presentation of financial information. 3) An unqualified opinion is in effect a certification of the accuracy of the financial statements. 4) An audit should only be conducted by an audit team which has the necessary technical competence. 5) Financial data is verifiable. 6) Internal controls reduce the probability of er errors. 7) To be appointed as an auditor for a statutory audit the auditor must be registered with a regulatory body. 8) In the absence of any contrary evidence, that which held true in the past will hold true in the future. 9) For the external audit function to be effective, co-operation with the client's directors/management is essential. 10)The professional status of the independent auditor imposes commensurate professional obligations. Required: 1. Explain the term postulate in the context of auditing. 2. Indicate and discuss which of the above statements are regarded as postulates of auditing. 3. For each statement you did not identify as a postulate, state whether the statement is true or false in the context of auditing. 4. List the auditing postulates not mentioned above