Assignment (15 marks) Answer all the following questions: Q. 1 (3 marks- from ch.5) The best means of verification of cash, inventories, office equipment, and nearly all other assets is a physical count of the items, only a physical count gives the auditors complete assurance as to accuracy of the amounts listed on the balance shect." Evaluate this statement Q.2 (3 marks- from ch.5) Should the auditors prepare adjusting journal entries to correct all errors they discover in the accounting records for the year under audit? Explain 0.3 (2 marks from ch.5) Identify and describe the two components of the risk of material misstatements 0.4 (4 marks- from ch.7-internal control) Q.5 (3 marks from ch.9) Audit sampling is used in conjunction with many audit tests, and may be performed on a statistical or nonstatistical basis. a. Define the term audit sampling. b. List and explain two advantages of the use of statistical sampling as compared to non statistical sampling