What is auditor independence, and what is its significance to the audit profession? What is the difference between independence in appearance and independence in fact?

Consider the principles, assumptions, and constraints of Generally Accepted Accounting Principles (GAAP). Define the revenue recognition principle and explain why it is important to users of financial statements.

Do you believe that this provision of the law goes far enough? That is, do you believe that the audit firm itself (and not just the partner) should have to rotate off an audit engagement every five years? Why or why not?

Define what is meant by control environment. Why is the control environment so important to effective internal control over financial reporting at an audit client ?