An audit report is not a guarantee, certification, or even a statement of fact. Rather it is the auditor’s opinion about the compliance of a company’s financial statements with Generally Accepted Accounting Principles (“GAAP”) based on the auditor’s work performed under Generally Accepted Auditing Standards (“GAAS”). Discuss Question 2. Explain and discuss the Three Lines of Defense model (Re Internal Auditing) Question 3. Discuss the nature of Operating and Financial Review (OFR) in terms of ASIC Guide 247 with reference to the “Coloplast/Schroders experiment”