Question details:

friend, Lee Beagle, who recently graduated from law school and is now practicing with a large law ?rm in town. When you told him that you were a CPA and employed by a regional CPA ?rm, he made the following statement: You know, if the securities acts had not been passed by Congress in the 1930s, no one would be interested in having an audit performed. You auditors are just creatures of regulation. Required: Draft a memo that highlights your thoughts about Lee’s statement that auditors are creatures of regulation. Be sure to consider relevant evidence of a demand for auditing services outside of legal and regulatory requirements in your memo, and focus on the value that auditing provides.