Question: 1. Please describe the liability environment in which auditors operate. 2. What can you tell us about the SEC Acts of 1933 and 1934? What

1. Please describe the liability environment in which auditors operate.

2. What can you tell us about the SEC Acts of 1933 and 1934? What is their significance?

3. What is the audit opinion formulation process? Please describe each step.

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