You are a CPA and you are having lunch with a friend who is a management accountant in a medium-sized private company. She says, "You know, I just read a story in the Journal that said that the overwhelming vast majority of opinions/reports on financial statements that are issued by auditors are unqualified or unmodified opinions. No offense, but I'm really wondering what it is you folks do. The audit is very expensive, it disrupts the client's accounting operations during the time you conduct it, and most of the opinions are unqualified anyway! It looks like you give them to everyone. It sure seems like a lot of what you're doing is a waste of time, and a big expense to your clients! What's the point?" Required: 1. Evaluate, critique, and address the comments of your friend