1. Discuss the nature of Auditing: Auditing is very important because it provides professional audit opinion on the corporation's financial statement and there are many stakeholders who depend on the audited report to make useful decision making. Required: Discuss the nature of auditing by explaining on the need for competent and independent auditor. 2. Distinguish between Accounting and Auditing: Accounting and auditing complement each other to provide useful information to various stakeholders. Required: Distinguish between Accounting and Auditing by providing at least one example each to support your answer. 3. Discuss the different types of Audit: There are four types of audit namely operational, compliance, financial statement and forensic audit Required: Differentiate between financial statement audit and forensic audit. 4. Discuss the standard Unmodified Audit Report: Standard Unmodified Audit Report may be issued only when the auditors have reasonable assurance that the financial statement presents a true and fair view of the financial situation of the company Required: Explain on the factors that can lead to the auditors issuing standard unmodified audit report. 5. Discuss the different types of Audit Reports: When the auditors have finished doing their auditing works, they have several options in expressing their audit opinions. Required: Discuss the FOUR different types of audit reports by explaining each of it clearly. 6. Discuss the different types of Audit Reports: XYZ Property Inc is a company specializing in real estate activities in Ras al Khaimah. Based on the audit work done by the auditors when auditing this company, it was found that the auditors face several issues when doing their auditing work at this company namely lack of cooperation from the management of the company and inability to access material accounting records thus rendering the auditing work incomplete. Required: Briefly explain what type of audit opinion the auditor should express in this case and provide reasons for it. 7. Explain the Professional Standards of Auditors - Ethical Principles: AICPA codes of professional standards consist of Principles, Rules and Interpretations. Required: Briefly explain on the; 1. i) Integrity Principle 2. ii) Objectivity & Independence Principles 8. Explain the Professional Standards of Auditors - Ethical Principles: Ramona is an auditor with an auditing firm. She is being tasked to do an auditing on a company where her husband is the CEO of that company. Required: Explain on the ethical issue that might exist in this case. What are the possible courses of action to solve this ethical issue