Apple, Inc. has had a large turnover on their audit committee in the current year. Management would like us to make a presentation to the new members of the committee. Prepare a memo to the audit partner (your online facilitator) that explains the following:

1. The different roles and responsibilities of the preparer (management) of the financial statements, the auditor and the audit committee.

2. The audit expectation gap.

3. The auditor’s relationship with shareholders, board of directors, audit committee and internal auditors.

4. The audit risk model and its components.

5. The types of audit evidence.