1) What does assurance mean in the financial reporting context? Who are the three parties relevant to an assurance engagement?

2) Why would investors in a company demand an audit of financial statements?

3) Compare and contrast the functions of a state board of accountancy and of NASBA.

4) Most audit firms maintain a website that explains the services offered by the firm and provides resources to their clients and other interested parties. The services offered by most firms include both audit and non-audit services. Find the websites for a Big 4 audit firm and a mid-tier audit firm. Compare them on the following:

a.		The range of services provided.
b.		Geographic coverage (i.e., where their offices are located).
c.		Staff numbers and special skills offered.
d.		Industries in which they claim specialization.
e.		Publications and other materials provided to their clients or the general public.
f.		Marketing message.

5) Since the creation of the PCAOB in 2003, accounting firms that wish to audit public companies must be registered with the PCAOB. Visit the PCAOBs website (www.pcaobus.org) and browse the information. Explain what is required for an accounting firm to be registered with the PCAOB.

6) 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 firms and the professions 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.