The term 'privity of contract' refers to:

Select one or more:

a.

the fact that an audit is to be performed in accordance with professional standards

b.

the fact that an auditor appointed to conduct a statutory audit cannot reduce their liability by contract (s. 241)

c.

the contractual relationship that exists between two or more contracting parties

d.

the mandatory requirement that there must be an engagement letter setting out the terms of the audit contract