Accounting standards are now awash with principles of 'fair value' and tiers of determining how to calculate such. Auditors sign off that the accounts comply with the appropriate accounting standards. Where should auditors (who are accountants) draw the line in terms of their responsibilities to shareholders and to their profession. Discuss.Question 2.Are auditors overly relying on manager's explanations? Are there firm and manager characteristics and attributes that lead auditors to perform fewer tests and pursue less reliable types of audits? Does manager confidence sway auditor opinion?Question 3.Auditing the auditor. Has 'self-regulation' in auditing completely failed in the 21st century.Question 4.The Cadbury Report (1992) concerning corporate governance was considered the forerunner of what is now commonly considered as 'comply-or-explain' codes. Discuss and explain - include a discussion on 'When is comply or explain the right approach?'