You are in a job interview for an accounting position. The interviewer notices you took this Auditing I course. The interviewer asks you to briefly respond to the following 5 questions:

What is an audit?

How are fees set on an audit?

What types of procedures are typically performed on an audit?

What key points are covered in an unmodified report for a nonpublic entity?

What major problems face the audit profession?

Please respond to the 5 Questions (Label your responses as Question A through Question E)