Question: QUESTION TWO (50 Marks) The audit report is a rather crude device to inform shareholders about the auditors' satisfaction, or dissatisfaction, with the financial statements,

QUESTION TWO (50 Marks) The audit report is a rather crude device to inform shareholders about the auditors' satisfaction, or dissatisfaction, with the financial statements, in terms of their compliance with the Companies Act and preparation in accordance with applicable accounting standards. It would be beneficial to shareholders and other users if the auditors graded the financial statements using a number of attributes, something similar to a school report card. Critically evaluate the types of audit report and the complexity surrounding audit of financial statements compared to a school report card

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