The privately owned company that you work for has been awarded a contract that will require submission of the company's audited financial statements. The owner of the company is not familiar with audits and audited financial statements. As the Controller, prepare a 700-1,050-word report to the owner explaining the work of independent CPAs, auditing standards, ethics in auditing, and how an audit could help your company reduce its information risk. Be sure to perform the following:

a. Examine the CPA profession and licensing requirements (Use New Jersey's please).

b. Explain how a licensed CPA (as an outside auditor) could be of value to your company.

c. Critique current auditing standards.

d. Analyze the importance of ethics in the audit process.

e. Assess the role of auditing in reducing information risk for decision makers
f. Explain how independent audits could help the decision makers at your company.