PLEASE HELP ME WITH THIS QUESTION AS YOU CAN SEE THE MINUTES I HAVE TO ANSWER THE QUESTION I WILL APPRECIATE YOUR HELP.

PLEASE TYPE UR ANSWER

QUESTION 2 (20 MARKS: 36 MINUTES) A. In conducting the audit so as to achieve its objective, the overall objective of the independent auditor is to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to report on the financial statements in accordance with the auditor's findings. REQUIRED: (a) the auditor's Distinguish between management's responsibility and responsibility for the audit of financial statement. (3 Marks) (b) State THREE (3) cautionary actions an auditor should take when there is a significant risk of management fraud. (3 Marks) (C) Distinguish the implication of fraudulent financial reporting and misappropriation of assets to the users of financial statement. (4 Marks) B. The auditing standards requires the auditor to plan and perform an audit with professional skepticism, recognizing that circumstances may exist that cause the financial statements to be materially misstated. REQUIRED: (a) Discuss the importance of professional skepticism in planning and performing an audit. (4 Marks) (b) Briefly discuss the application of professional skepticism during evaluation of audit evidence. (2 Marks) C. Discuss the management assertions of 'existence and completeness' in relation to auditor's concern regarding overstatement or understatement of the account balance. (4 Marks)