After the audit was completed, John used the financial statements to secure a loan from a bank. Within a year, John was unable to make payments on the loan. In the process of investigating the reason why, the bank determined that the financial statements were material misstated. John, however, was near bankruptcy and could not pay off the loan. The bank sued you for the balance due on the loan. Given the violations I discussed in my solution to the week 1 homework, do you think the bank will prevail? You answer should provide an analysis of the legal issues involved to include the auditor's duty to perform, what level of negligence is involved, what you level of liability would be (proportionate or joint and several), and a clear statement