1. What do we mean by the term materiality? How does it apply to accounting and auditing?

2. Describe the components of an auditor's report. Where did you find the required components?

3. Discuss the types of audit reports that auditors issue for publicly traded firms (examinations, reviews, agreed-upon procedures, and compilations). What are the differences and similarities between the different types of audit reports?

4. Go to a publicly traded company of your choice and discuss the report on internal controls reported by the company you selected. Be sure to cite the source of your company's report on internal controls.

5. What is the significance of the unqualified financial statement audit reports? Is there a problem for companies that do not receive an unqualified financial statement audit report?

6. Why do the AICPA, SEC and PCAOB have codes of conduct for auditors?