William Rodney the Sole Trader William Rodney, the sole owner of a small hardware business, has been told that the business should have financial statements reported by an independent accountant. Rodney having some bookkeeping experience, has personally prepared the business statement and does not understand why these documents need to be examined by an accountant. Consequently, he sought the advice of Sarah Jacobs, a chartered accountant, where Jacobs was asked to explain the importance of an audit.

2. identify FIVE 5 ways an independent audit may be beneficial to Rodneys sole traders business.