TUTORIAL 1 AUD589-INED MAC 2018 Question 1 You are the auditor of Multi-Biz Sdn. Bhd. During the course of the audit for the financial year ended 31 December 2017, you encountered the following situations: i. You have requested the company secretary for Multi-Biz, Miss Sazzy to provide the minutes of the board of directors' meetings. However, she informed you that the minutes contained sensitive information and classified as confidential. Therefore, your request is denied. ii. Multi-Biz will be holding an extraordinary general meeting (EGM). Miss Sazzy has indicated to the company's Chairman that the auditors' presence is not necessary. Therefore, Miss Sazzy emphasized that the notices and minutes of general meeting should not be sent to the auditor. Required: Explain your rights as the auditor under the Companies Act, 2016, and state the action you would take to respond to the above situations? (6 marks) Question 2 You are the speaker for a talk organized by the Faculty of Accountancy. You will be talking on the role of external and internal auditor. Required: State three (3) differences between an external and internal auditor. Question 3 Answer ALL questions and submit by Friday of the week. 1. What are the objectives of internal control. (3 marks) 2. Why does management establish Internal Control System? (4 marks) 3. Give four inherent limitations of internal control. (4 marks)