1. What are the key differences between a conventional audit and a fraud examination?

2. To what extent does an auditor of financial statements have a responsibility to detect fraud?

3. What are the key differences between auditors and fraud examiners? Please discuss at least three.

4. Please discuss whether or not the following statement is true or false:

"Outside auditors are frequently named as defendants in shareholder suits because they are considered to have deep pockets."

Cite an article that discusses a shareholder suit filed against a public accounting firm and relate the outcome and court's rationale to the class.