1.Briefly explain performance materiality to a non-accountant.

2.What is the difference between the accuracy and valuation assertions?Please provide an example using Intangible Assets.

3.Why does an auditor need to assess risk on an audit? Explain

4.Why doesn't an auditor use the same type of evidence for each F/S account? Give one reason and explain.

5.If you are auditing a large public company and your friend is auditing a small private company, does one of the audits involve a higher level of assurancethan the other? Why or why not?