Define auditing. 2. Explain why there is a demand for auditing. On a high level, the accounting process of a business consists of internal controls, individual transactions, and account balances. Describe the relationship between the three and discuss how each can help an auditor dete mine is the .inancial state ents are fairly stated. +. Name three desirable qualities o. an auditor and discuss why those qualities are important for an auvitor to possess. -- Explain the relationship between audit attest, and assurance services. Define information asymmetry and discuss it in the context o. a .inancial state-ent audit. Explain why an auditor foust assess rateria.ity. 3. Name and discuss the , hases of the audit , rocess. y. Explain the five . rocess categories and how they apply to a given business. 10. Name all the management assertions pertaining to invento y and explain why they are considered in an audit 1 Describe the structure of governance one: the accounting ro.ession 12. Name the ten generally acce, tec auditing standards and ex. lain why is each in ortant 13. Describe the ob ectio es of a financial statement audit. 14. write a standard, un qualitied auditor's re_ ort. 13. Name and describe reasons an auditor - ay be unable to express an unqualified opinion. 10. with espect to an entity 's financial statements, describe both the responsibility of managerwent and of the auditor 1/. Explain the difference between audit risk and engagement risk. 18. identify components of audit risk and describe their interrelationshi -s. Explain the audit risk model using a mathematical for ula and define each ty, e of risk used in the model. 20. Define - aterianity and describe its anect on . planning the audit, and ; evaluating the fairness of the financial statements