The role of the auditor in the American economy has changed over the years in response to changes in our economic and political institutions.

(A) Select one of the following phrases and classify it into one of two groups: (1) More applicable to an audit performed in 1900 or (2) More applicable to an audit performedtoday.

(B) Explain the reasoning behind your decision.

Be sure to only choose one of the following:

"Influence of stock exchanges and the investing public upon use of independent auditors."

"Concern about fraudulent financial reporting."

"Auditing for compliance with laws and regulations."