Feller, the sole owner of a small hardware business, has been told that the business should have his financial statements audited by an independent CPA. Feller, who has bookkeeping experience, has personally prepared financial statements for the companys financial statements and does not understand why such statements should be audited by a CPA. Feller discussed the matter to Faber, a CPA, and asked Faber to explain why an audit is considered important.

Describe objectives of an independent audit.

Identify 5 ways in which an independent audit may be beneficial to Feller.