In the class textbook Auditing and Assurance Services 14th ed., read Chapter 5 and write a 700-word (minimum) essay that answers the questions below:
5-1 (Objective 5-1) State several factors that have affected the incidence of lawsuits against CPAs in recent years.
5-2 (Objective 5-1) Lawsuits against CPA firms continue to increase. State your opinion of the positive and negative effects of the increased litigation on CPAs and on society as a whole.
5-3 (Objective 5-2) Distinguish between business failure and audit risk. Why is business failure a concern to auditors?
5-4 (Objective 5-3) How does the prudent person concept affect the liability of the auditor?
Make sure to include at least 2 references with in-text citations and a conclusion (add a heading for the conclusion).
Essay must be written in APA style.