Describe the standards that are applicable to the audit profession in the United States: What standards apply to the performance of audits? Who is responsible for setting these standards? What standards apply to other assurance services that auditors provide? Who is responsible for setting these standards?
Describe the standard of independence that forms the foundation of auditing. What does the independence standard state? What does independence in fact and appearance mean? How does the auditor know if he/she is independent of his/her client? Why is it important for the auditor to be independent?