2. a. In what circumstances is a company required to have an audit?

b. Discuss the advantages of a company being audited. Be as convincing and comprehensive as possible.

c. What consequences can there be if an auditor does not comply with generally accepted auditing standards?

d. What four points does a plaintiff need to establish in order to successfully take action against the auditors for negligence?

e. What are the major steps in the audit process?