Question-1 [Marks-25*4=100] Green Day Golf Distributors is a held golf distributing company that operates in the Midwest and handles several product lines, including shoes, clothing, and golf clubs. It sells directly to golf shops and does not sell to the big retailers. It has approximately $8 million in sales and wants to grow at about 20% per year for the next five years. It is also considering a takeover or a merger with another golf distributorship that operates in the same region. Required: a) Since audit cannot guarantee a fair presentation of a company's financial statements yet why did Green Day Golf Distributors an independent audit on its financial statements? b) Financial statements audit should be conducted by Independent auditor. Why is it important that users perceive auditors to be independent? What is the difference between being independent in fact and being independent in appearance? c) What skills and knowledge were required to do a quality audit of Green Day Golf Distributors' financial statements? d) What knowledge does the auditor need about the client's business in an audit of historical financial statements?