The ten Generally Accepted Auditing Standards (GAAS) provide the foundation for all other auditing standards and interpretations.
Question 1: What is the definition of the standard of "due professional care", and how might a court decide whether an audit firm met the standard?
Question 2: Why is independence often considered the cornerstone of the auditing profession? Why were independence issues a primary concern of Congress when they developed the Sarbanes-Oxley Act?