Please need assistance with these accounting questions.

1. Unless you are required to do so by law, why pay for a financial audit? Are they a waste of money?

2. For a small business, why should they follow GAAP in their accounting? They are not required to do so and so why complicate matters by doing so?

3. How can earnings be managed by management by focusing on aspects of accounting that require a determination based on the judgement of management?