1.Describe the evolution of Auditing in the US financial services system. When did it first gain prominence and why?

2 When first started, what rules were being followed (adhered to)?

3 What are (at least three) some of the major financial losses due directly to fraud being committed by the organization? Be specific as to what caused it and what losses it caused?

4 Explain the reason auditing has a high value for the financial markets.

5 What are some of the ramifications that could present themselves if auditing procedures were not in place?

6 What gives the greatest value to an auditor or an auditing firm?