QUESTION 1: Discuss the major factors in todays economy that have made the need for independent audits much greater than it was 50 years ago.

QUESTION 2: List and thoroughly describe the four major types of audit services CPA's perform. Select the one you believe is most important and explain why.

QUESTION 3: What roles does the SEC perform? What is their relationship to auditing?

QUESTION 4: Thoroughly describe and distinguish between generally accepted auditing standards and generally accepted accounting principles.

QUESTION 5: What is the relationship between international Standards on auditing and U.S Generally accepted Auditing Standards? How might it evolve in the future?