Answer the following THREE questions: Question 1: (10 marks) The auditor should be independent from the client company, so that the audit opinion will not be influenced by any relationship between them. The auditors are expected to give an unbiased and honest professional opinion on the financial statements to the shareholders. Explain the concept of independence and discuss the broad categories of threats to independence. Question 2: (10 marks) The PCAOB board dictates the professional auditing standards that registered auditing firms must use. These standards are utilized to monitor accounting firms. Prior to the PCAOB, standards were set by the AICPA. Explain briefly PCAOB ten Auditing standards, which grouped into three categories? Question 3: (10 marks) Explain the following concepts and give examples where relevant: a. Difference between GAAP and GAAS. a. Nature of Ethical dilemmas. b. The Big 4