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The financial statements contain management assertions that explain why the items are contained in the financial statement. Required Explain 5 financial statement assertions relating to

The financial statements contain management assertions that explain why the items are contained in the financial statement.

Required

Explain 5 financial statement assertions relating to classes of transactions and events

(12 marks)

b) Discuss the circumstances which will lead to the auditor issuing a modified audit report. 13 marks

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