Public accounting serves an important role in corporate governance.

Required
a. Describe the role that external auditing fills in promoting good corporate governance.
b. In what ways might the public accounting profession have failed its important role prior to the issuance of the Sarbanes-Oxley Act of 2002?
c. A former chairman of the SEC described auditors as "public watchdogs." What does the term "public watchdog" convey regarding the responsibility of the external auditor to the public?