Which of these statements is/are correct? I If an auditor had the required knowledge and intentionally failed to fulfill a certain requirement in the contract, they may be guilty of contract fraud. II Reasons for increased litigation against auditors include recession and tough economic times resulting in business failures. Select one: O a. Only II is correct. b. Both (1) and (II) are correct. Both (1) and (II) are incorrect. O d. Only 1 is correct