ResourcesModule C - HameworkOvertian 1- Mashat C - Mr:Ameant NAngs Name Wark.TruetMapaHomework 6Check my work mode : This shows what is cerrect or lincerrect for the mert you have completed so far. It ofRequired informationThird Party Liability ApproachesRead the overview below and complete the activities that follow:Common law cases are decided offen by reference to established precedents or past decisions. The three if precedents regulating auditors' liability are: Ultramares [known user], Restatement (foreseen user), and Rose fforeseeable user).CONCEPT REVIRW:The three approaches that regulate auditor responsiblity create conflicting precedents relative to auditor liad negligence. Varlants of each approach exist in every state.Answer is complete but not entirely correct.The q, approach requires audions to be responsible to known finercial atterement users.Ultramares2. The Reviatement approach requires responsibility lowards q, unens of the financial atatements.any2. The q, appraach assigns maponabilly by the auditor to the namouset cafegory of fruncial statement users. Restaterne4. The q, agersach includes responsiblity toward any foresenality users of the financial statements. Joreseen5. The thind party user approach revolues around audior q,,liablityPrev3of 4Next