this is for a business ethics class. I am not sure how to answer the unhighlighted part of this question.

Distinguish between common-law liability and statutory liability for auditors. What is the basis for the difference in liability? Common-law liability requires that the professional services provided by an auditor are performed with due care. If the auditor can cite GAAP, establish that services provided have been performed with the same degree of skill and judgment possessed by contemporaries in the profession, and provide a degree of professional skepticism in the audit of financial statements then, the burden of due care has been W/ echoes established legislation passed at the state or federal level pertaining to certain uses of conduct that must be adhered to by all included parties. (Pg 341) The basis for the difference in liability between