1. On how many financial statement audits did the PCAOB identify audit deficiencies? (Note: The inspection report will use the term "issuer" to refer to each financial statement audit where deficiencies arose). Calculate the percent of audits inspected with deficiencies. How would you interpret this percentage? Is this percentage concerning to you? Why or why not. 2. Briefly summarize 2 specific deficiency identified by the PCAOB that is of concern to you, and which you feel pertains to work that could have been encountered by lower level audit staff. (e.g., On Issuer G, "the Firm failed to test any controls for certain significant categories of the issuer's revenue...") Please be sure to explain your selections and concerns. 3. Select a 2018 PCAOB inspection report of an international affiliate of the Big 4 firm you discussed in Questions 1 and 2. Below are a list of potential choices, although you are not limited to this list. Deloitte: Argentina 10/1/2018; South Africa 5/22/2018 PricewaterhouseCoopers: United Kingdom 6/1/2018, Norway 2/26/2018, Singapore 2/26/2018 KPMG: Argentina - 7/30/2018, Switzerland 4/9/2018, Taiwan 4/2/2018 How many "issuer audit clients" does the international affiliate firm have? How many audit engagements were inspected for the international affiliate firm? Assume that you are a U.S. audit partner relying on this international affiliate for a portion of the audit work (i.e., an engagement where