1. What are the major risks an auditor could encounter when planning an audit and how can this be avoided?
2. What is the definition of a material misstatement and how can this lead to conflict between the auditor and the client?
3. Is an auditor responsible for detecting fraud, or just making sure that the financial statements don't have material misstatements and conform to GAAP?
4. What does an auditor test for in their procedures - and can these truly find fraud?
5. What is the best audit opinion to have - qualified or unqualified or going concern?
6. If you were on the audit committee, what do you really think you've learned from the auditors communication?
7. If you're a shareholder, should you be comfortable that the "representatives" of the shareholders (Board of Directors) have ensured that the company's financial statements truly represent to results of the operations?