Auditing and Assur
please answer to the questions related to the auditing. I’m gonna attach my professor slides . one small paragraph is enough.
1) Can audit managers on the audit engagement team, who are also attorneys admitted to the state bar, assist in the defense of a lawsuit against an audit client for product liability defects?
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2) Why do you think the SEC requires companies to disclose fees paid to independent accounting firms for audit and consulting services? What must be disclosed?
3) Given what you have learned about independence, do you believe that there would be a perceived independence problem concerning members of an audit engagement team entertaining employment offers from audit clients? Why or why not?
4) Distinguish between common law liability and statutory law liability. Which parties generally bring suit against auditors under common law and under statutory law liability?
5) Describe the due diligence and causation defenses available to auditors under the Securities Act.