Problem 1: Identify five other ways in which the Private Securities Reform Act of 1995 will potentially change auditors' legal liability. Explain how each is of potential benefit to the auditor.
Problem 2:
a. Identify how the Sarbanes-Oxley Act of 2002 changed the audit environment for auditors.
b. Identify and explain new liabilities for managements of public companies created by the Sarbanes-Oxley Act of 2002.