You are an intern at a Big 4 accounting firm and have just finished your internship training. You feel a little overwhelmed with all of the information from the training session, and you are wondering if you are qualified to perform work that is of high-enough quality to meet the firm’s and the profession’s standards. What if you miss something or forget to do something? What if it takes you too long to complete your tasks? What if you spend time on something that is trivial and miss something that is important? You decide to review your notes from the training session and from your undergraduate audit course.

Required

a. Discuss the limitations of an audit.

b. Refer to the audit reports in Illustrations 1.6, 1.7, and 1.9. What are some key terms and phrases included in the reports that address these limitations?