Problem 1: The ten Generally Accepted Auditing Standards (GAAS) provide the foundation for all other auditing standards and interpretations.
Problem 2: What is the definition of the standard of "due professional care", and how might a court decide whether an audit firm met the standard?
Problem 3: 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?