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1. As auditors expect certain accounts to have more misstatements than others, both overstatements and understatements must be considered. Explain the reasons for permitting the sum of the tolerable misstatement to exceed overall materiality. [8 marks] (CLO1) 2. Provide FOUR (4) control objectives for any acquisition and payment cycle audit. [8 marks] (CLO1) 3. Differentiate between the roles of the external auditors, tax auditors, and the internal auditors. [8 marks] (CLO1) 4. Certain principles dictate the proper design and use of documents and records. Briefly describe these principles. | [8 marks ] (CLO1)