1. What is a franchise agreement? What are the common types of businesses engaged in franchising? 2. Accounting standard/s closely-related/applicable to franchisors? 3. What are the significant accounts specific to franchisors? 4. What are the key AUDIT risks applicable to franchisors? Relate these risks to the FS assertions. 5. Are there any fraud risks that can arise from franchising? Explain. 6. What are the audit procedures to be performed in relation to No. 4 and No. 5? 7. What are the required disclosures in relation to franchises in the point of view of franchisors? 8. Would the franchisor or auditor engage an expert in relation to accounting for franchising-related concerns?