1. Discuss the differences and similarities between the roles of accountants and auditors. What additional expertise must an auditor possess beyond that of an accountant?
2. In certain circumstances, an auditor will issue an unqualified report, but the wording will differ from that of a standard unqualified report. Discuss one of the five circumstances when an auditor would issue an unqualified report with an explanatory paragraph or modified wording.
3. Why do we sometimes have to issue reports involving other auditors? What are the three options available to the principal auditor in such cases?
4. Let's say that a client has restated the prior-year financial statements due to a change from LIFO to FIFO. How should this be reflected in the auditor's report?
5. Are there any examples you could point to that resulted in disciplinary actions being taken against auditors? What were the circumstances?