SITUATIONAL PROBLEM (10 points) You recently attended your five-year college reunion. At the main reception, you encountered an old friend, Pedro Quarantina, who recently graduated from law school and is now practicing with a large law firm in town. When you told him that you were an independent auditor and employed by a regional audit firm, he made the following statement and snickered. You know, if a statutory audit requirement did not exist, no one would be interested in having an audit performed. You auditors are just creatures of regulation." Since you did not wish to cause a scene at the reunion, you let his comment pass. You and Pedro agreed to have lunch the following week to talk over old times. However, you were still unhappy with Pedro's comment. Required: In preparation for your luncheon with Pedro Quarantina, create a concept map or a graphic organizer that highlights your thoughts about why auditors are not "creatures of regulation". Cite any relevant evidence of a demand for audit services outside of legal and regulatory requirements. Focus on the value that auditing provides. Be sure to consider the concept of information risk