Liability of auditors has evolved over the past 80 years through many changes in legislation brought on by the cycle of fraud over the years and by many court cases that broadened the scope of auditor liability.

Briefly discuss each of the following court cases, describing what level of privity, if any, the plaintiffs had and what impact each case had on auditors' liability.

• Ultramares v. Touche
• Credit Alliance v. Arthur Andersen
• Rusch Factors, Inc. v. Levin
• Rosenblum, Inc. v. Adler