Question

Liability of auditors has evolved over the past 80 years through many changes in legislation brought on by the cycle of fraud over the years and by many court cases that broadened the scope of auditor liability.

Discuss the difference between common law and statutory law.

Answer 1

Bitterence betoeen Common Lao Common Law & Common Law & has been developed on Rulings by Sudges. Statelory d o defned as low that the basis of precading Statertory dow: are waitkn Kanoos paded by Legislature & governament of the Countran and those which have been accepted by the Society

The final Liability of the quditoy have undergone many hearings though coent Judgement as many heasing horribunal Final Judgement The Mability of Audito The Mability of Abditos toy allume -to deket troud oor error arises only when Such failuse it Clasly due to not enerciang 'pasonable Come te kan Initiae Staqas the industry proches made the Axditoga report as tinal Erlidence that there were ro trude of enord in the books of hinancial statiment of the entity . Lates on many hearingo seduced & Contined the liability of Auditoy by a limited Extent Baloadend the SCOPE of AUDITOR: The Judgement was said the Reasonable Car & skill. Best what is Teasonable Care G (skin not explained #exe the Liability a feldoby Audito, come into A Macro pictue Forom the inihal Otages to this industolae Gra the kability of Auditoy has undergone the force changes).