Exploring what CPA firms do during the course of a financial statement audit:

1. What is the main objective of the audit of an entity's financial statements?
2. What representations or guarantees auditors make about the accuracy of the financial statements?
3. Is it the responsibility of the auditor to detect all kinds of fraud that may have taken place for the financial statements being audited? Explain.
4. Why is there a need for the CPA firm to understand the business of the audit client?