Questions related to the previous case

5)What is agency cost and how can an external auditor help solve any agency problem between the agent and the principal

6)Define what is Management Assertions and Explain the following assertions

Completeness

Occurrences

Classification

Cut off

Authorization

Accuracy

7)What is Audit Procedure and Explain 6 methods or ways auditors can use in their procedure.

8)Audit evidence should always be Appropriate and Sufficient. As a senior auditor List Four Classifications that should be seen or considered under appropriateness and sufficiency of audit evidence. (Please remember to list four things to consider under Appropriateness and Sufficiency of audit evidence).