QUESTION FOUR (a) Financial reporting knowledge is particularly important at the review stage of the audit. Auditors need to be able to interpret accounts and understand the requirements of specific accounting standards. Explain the important reviews that auditors carry out to complcte the audit. (b) Modified audit reports arise when auditors do not believe that they can state without reservation that the accounts give a true and fair view. (6 marks) ) Briefly explain what the auditor will consider when deciding what type of modification to be issued. (2 marks) Gi) Describe the four circumstances in which modified audit opinions are issued and (12 marks) (20 marks) detail the presentation of each type of modified opinion