The AASC is an independent organization responsible for the creation and integration of the 10 Generally Accepted Auditing Standards (GAAS)   A. True   B. False Intended misstatement of amounts and disclosures on financial reports/statement   A. Error B. Management Fraud

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?