(2) ( > Which of the following audit procedures for obtaining audit evidence is correctly described? A. Recalculation involves the auditor's independent execution of procedures or controls which were originally performed as part of the entity's internal control B. Confirmation consists of seeking information of knowledgeable persons, within the company or outside the company C. Reperformance consists of checking the mathematical accuracy of documents or records D. Observation consists of looking at a procedure or process being performed by others

1) Name and describe the main tasks, duties or powers of the PCAOB. 2) What is audit risk?   3) What is materiality and how is it used or applied by the auditor.

1. What is appropriate audit evidence?  How does an auditor determine whether the appropriate audit evidence is sufficient to support the opinion expressed in the auditor's report? 2. Explain the types of audit procedures

a) Auditors (Internal & External) are required to deal with fraud and error which represents risks to an entity. Their responsibilities however differ in relation to fraud and risks Required: (i) Explain what role the internal audit function plays in relation to risks of fraud and error in an entity. (ii) Whataretheresponsibilitiesofanexternalauditorinrelationtotheriskoffraud and error during the audit of financial statements?