The auditor expresses an opinion whether the financial statements present a true and fair view regarding the financial position, results of operations, and cash flows in accordance with generally accepted accounting principles (GAAP) or the International Financial Reporting Standards (IFRS). But, assurance can never be absolute due to presence of a set of limitations.

Required: (a) What are the limitations of assurance? Describe with examples; (b) What are differences between reasonable assurance and limited assurance. Explain in detail with both types of relevant examples.