QUESTION FIVE $[20]$

Performing an audit, in reality is$,$ about giving another party or party$$s assurance. An assurance engagement is one where a professional accountant evaluates or measures a subject matter that is the responsibility of another party against identified criteria and expresses a conclusion that provides the intended user with a level of assurance about the subject matter.

Required:

Explain each of the terms or phrases given in bold above in the context of:

$5\mathrm{.}1$ Statutory external audit. $(5)$

$5\mathrm{.}2$ Internal audit of a public company$$s internal control systems $(5)$

$5\mathrm{.}3$ VAT audit performed by SARS. $(5)$

$5\mathrm{.}4$ Forensic audit on the property, plant and equipment account. $(5)$