1-19 (a-b) Fred Oatly is the loan officer of the National Bank of Dallas. National has a loan of $260,000 outstanding to Regional Delivery Service, a company specializing in delivering products of all types on behalf of smaller companies. Nationals collateral on the loan consists of 35 small delivery trucks with an average original cost of $17,000. Oatly is concerned about the collectability of the outstanding loan and whether the trucks still exist. He therefore engages Susan Virms, CPA, to count the trucks, using registration information held by Oatly. She was engaged because she spends most of her time auditing used automobile and truck dealerships and has extensive specialized knowledge about used trucks. Oatly requests that Virms issue a report sating the following: 1. Which of the 35 trucks is parked in Regionals parking lot on the night of June 30, 2009? 2. Whether all of the trucks are owned by Regional Delivery Service. 3. The condition of each truck, using the guidelines of poor, good, and excellent. 4. The fair market value of each truck, using the current blue book for trucks, which states the approximate wholesale prices of all used truck models, and also using the poor, good, and excellent condition guidelines. Required a. For each of the following parts of the definition of auditing, state which part of the preceding narrative fits the definition: 1) Information 2) Established criteria 3) Accumulating and evaluating evidence 4) Competent, independent person 5) Reporting results b. Identify the greatest difficulties Virms is likely to have doing the audit