1. Discuss information risk and give examples on how an audit can result in substantial savings in the entity. 2. Discuss why a non-public corporation would spend money to have a CPA firm audit its financial statement. 3. Contrast the audit of a corporation and the inspection of a house by a home inspector. 4. Define audit risk and discuss how the auditor's report deals with this issue. 5. Discuss two events that caused Congress to pass the Sarbanes-Oxley Act. 6. What did Sarbanes Oxley do to alter the view that management is the client? 7. Define: a) Financial Audit b) Operational Audit c) Integrated Audit 8. Define assurance services. What are the two distinct types? a) Assurance service: b) Attestation service: 8. What is the GAO