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QUESTION 1(20 marks, 30 minutes) You have recently obtained your BCom qualification, and...

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Accounting

QUESTION 1(20 marks, 30 minutes)
You have recently obtained your BCom qualification, and your university lecturer has requested you to take the position of a tutor for Auditing level 2 students. Having taken the position as a tutor, the students posed the following questions during your session on the topic below.
"The auditor is often described as the guard dog of his/her client and the public in general. An audit increases the credibility of the financial statements and plays an important role in the capital markets of the world".
Required:
The students requested you to:
1.1. List the possible benefits of an audit; you are also required to name the parties that will benefit from an audit. (10 marks)
1.2. List the postulates in auditing that assist an auditor with solving problems. Considering that an auditor must have the ability to solve problems and must be able to provide a solution. (10 marks)
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