Question 1
Independence is a key component of the code of professional conduct for auditors. Please answer the following questions:
What does it mean that an auditor should be independent?(roughly 3-4 sentences)
How does the code of professional conduct provide guidance on how auditors should be independent?(roughly 3-4 sentences)
Question 2 (roughly 8 sentences or less)
What is audit risk?
Why is there some level of audit risk on every engagement?
What is one way the profession, in your opinion, can reduce the expectations gap around audit risk?