1. Suits are often brought against auditors that allege that the auditors did not detect some type of fraud or defalcation. List the and explain the six defenses that the auditors could mount against client negligence claims. (7 points) 2. The most restrictive view under common law is that auditors have no liability to third parties who do not have a privity relationship with the auditor. Briefly define and explain the concept of privity and the effect it has on the auditor, client, investors, and creditors under common law. (7 points)