Response to the following :
1. External Auditors-Purpose of an Audit
What is the purpose of external auditors providing an opinion on a company's financial statements?
2. Auditing Financial Statements
The Utah Lakers professional basketball team has recently decided to sell stock and become a public company. In determining what it must do to file a registration statement with the SEC, the company realizes that it needs to have an audit opinion to accompany its financial statements. The company has recently approached two accounting students at a major university and asked them to "audit" its financial statements to be submitted to the SEC. Should the two accounting students accept the work and perform the audit?