Response to the following questions:
1. State what is meant by the term peer review. What are the implications of peer review for the profession?
2. What roles are played by the American Institute of Certified Public Accountants for its members?
3. What are the purposes of the AICPA Statements on Standards for Attestation Engagements?
4. Who is responsible for establishing auditing standards for audits of U.S. public companies? Who is responsible for establishing auditing standards for U.S. private companies? Explain.