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Question-1 [Marks-60] The RON Company manufactures small gas engines for use on lawnmowers and other power equipment. Most of its manufacturing has historically been in the Midwest, but it has recently opened plants in Asia that account for about 30% of its production. It is listed on the New York Stock Exchange. Required: a. Briefly explain the rationale and value of an audit of a publicly-held company to investors, creditors, and to the broader community as a whole. b. Explain why management might want an independent audit of its financial statements. Question-2 [Marks-40] The following are management assertions (1 through 9) and audit objectives applied to the audit of accounts payable ((a) through (h)) Management Assertion: 1 Existence 2 Rights and obligations 3 Occurrence 4 Completeness 5 Valuation and allocation 6 Accuracy 7 Cutoff 8 Classification 9. Understandibility. Specific Audit Objective: (a) Existing accounts payable are included in the accounts payable balance on the balance sheet date. (b) Accounts payable are recorded in the proper account. (c) Acquisition transactions in the acquisition and payment cycle are recorded in the proper period. (d) Accounts payable representing the accounts payable balance on the balance sheet date agree with related subsidiary ledger amounts, and the total is correctly added and agrees with the general ledger. (e) Accounts in the acquisition and payment cycle are properly disclosed according to IASS. (f) Accounts payable representing the accounts payable balance on the balance sheet date are valued at the correct amount. (g) Accounts payable exist. (h) Any allowances for accounts payable discounts is taken. Required: For each specific audit objective, identify the appropriate management assertion