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Q2. Your neighbor John Chukwu invited you to dinner yesterday. As expected, it was no...

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Accounting

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Q2. Your neighbor John Chukwu invited you to dinner yesterday. As expected, it was no "free Dinner" because John wanted to discuss the Annual Report (Financial Statements) of Rainbow Company Plc. He owns Rainbow stocks and just received the annual report. John says "Our auditors prepared the audited financial statements and gave an unqualified opinion, so my investment in Rainbow Company must be safe" Required: What misconception does John Chukwu seem to have about the auditor's role with respect to Rainbow Company Plc. (30 Marks) Q3. Auditors use different types of audit procedures to gather the evidence necessary to conclude that the risk of material misstatement for each relevant assertion has been reduced to an acceptable low level. Required: List eight different types of procedures auditors can use during an audit of financial statements and give an example of each. (20 Marks)

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