Question: Question 2 [10 marks] ISA 315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment requires auditors to understand

Question 2 [10 marks] ISA 315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment requires auditors to understand the entitys internal control. An entitys internal control is made up of several components. You are required to: a) the FIVE components of an entitys internal control and give a brief explanation of each component. (5) a) ISA 700 Forming an Opinion and Reporting on Financial Statements provides guidance on the form and content of the auditors report and should contain a number of elements. You are required to: Describe FIVE elements of an unmodified auditors report. (5)

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