Discuss the responsibilities of board of directors and audit committee

1. In recent years, there has been an increasing number of legal actions against external auditors particularly with regard to public companies. In your opinion, what are the reasons for this? Discuss.

2. A series of business scandals in the US (Enron, WorldCom, Tyco, Adelphia, etc.) and in the European financial markets (Royal Ahold in the Netherlands, Vivendi in France, Parmalat in Italy, etc.) have shaken the world capital markets. The auditors have been publicly criticized by market regulators. Discuss the responsibilities of (a) management, (b) external auditors, (c) board of directors and audit committee, and (d) regulators, in corporate financial failures.

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