1. List key external factors as identified in the external audit process. Include a total of 20 factors, including both opportunities and threats that affect the firm and its industry. the opportunities first and then the threats. Be as specific as possible, using percentages, ratios., and comparative numbers whenever possible. Recall that Edward Deming said: "In God we trust. Everyone else bring data. "In addition, utilize "actionable" factors as defined earlier in this chapter.