Answer the following problems.

problem 1) What are the various types of audit based on ownership and based on objectives? Describe about financial audit in brief.

problem 2) Describe the advantage and limitation of auditing.

problem 3) What is the internal control? describe its objectives and limitation.

problem 4) How do you vouch the following?

(a) Cash sales.

(b) Payment of revenue expense and payment to creditor.

problem 5) What is an audit report? State its contents and importance. Also describe the uses of report writing.