COMPREHENSIVE QUESTIONS (Types of audlu and auditorij. Cowan, an engineer, is the president of Arco Engineering Ameeting of the board of director, Cow was asked to aplain why audis of the company are made by (1) internal suditors) independent auditors, and government auditon. One board member supported that the company's total audit expense might be less tal auditing was done by latemal sadiiors. J. Cowan was unable to distinguish between the three types of audition or to satisfactorily respond to the board member's suggestion REQUIRED . Explain the different kinds of audits made by each type of auditor te Identify the sources of practice standards applicable to each type of auditor