A further example of critical thinking would be that you, as new members of the auditing profession ask whether auditing firms, despite being private bodies but given their public function, in the interest of greater accountability and transparency, should not fully disclose their audited financial statements regardless of the fact that this is not an explicit legal requirement.
The global economy On the global front a number of concerns remain. Most recently, the euro-zone crisis flared up once again as Cyprus became the fifth European country to receive a bail-out. Cyprus is a relatively small country with a population of about 1.1 million but interestingly, it has a banking sector with assets approximately seven times its GDP.