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Urgent please! Provide answer to the following to the following answers providing detailed explanations and calcaculations. 3. a) Describe the role and purpose of an

Urgent please! Provide answer to the following to the following answers providing detailed explanations and calcaculations.

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3. a) Describe the role and purpose of an internal auditor for a business. (4 marks) D) Neha has drafted the ledger accounts and financial statements at year end for her promotions and marketing business and is pleased that Gross Profit is E74,500 and Net Profit is $14,500. However, on checking the details more closely, she identifies the following: A. Rent from a client of E3,500 for the short-term use of an unwanted outbuilding for storage has been credited to the Land and Buildings account. B. The cost of a colour photocopier for the business, $13,500 including installation costs, has been debited to the Purchases account. C. A bill for E650 for repairing some office equipment has been debited to the Vehicle Expenses account. D. The price of a motor vehicle for business use, namely $7,500, has been debited to the Vehicle Expenses account. E. Carriage in of E80 has been entered to the Postage and Delivery account. F. E18,000 from the sale of the outbuilding has been credited to the Sales Revenue account. TASK for part b) Briefly explain the accounting concern in each of the six situations A to F given above. (6 marks) ii) Ignoring depreciation and other adjustments, and starting with Neha's draft gross and net profit figures, briefly show the effect upon profit of correcting each issue and then give the revised Gross Profit and Net Profit figures after amendments have been made. (6 marks) c) Explain the significance of a 'true and fair view' in relation to the accounts and financial statements of a company or other incorporated business. (4 marks) Total 20 marks

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