The role of the auditor in the American economy has changed over the years in response to changes in our economic and political Institutions. Consequently, the nature of an audit today is quite different from that of an audit performed in the year 1900. Classify the following phrases into two groups: (1) phrases more applicable to an audit performed in 1900 and (2) phrases more applicable to an audit performed today More applicable to Phrases a Assessment of internal control. b. Concem about fraudulent financial reporting Auditors' attention concentrated on balance sheet d. Influence of stock exchanges and the investing public upon use of independent auditors. e. Pressure for more disclosure. Fairness of reported earnings per share Auditing for compliance with laws and regulations