Final answer:
The ruling in the Burger Court opinion asserts the critical role of independent audits for upholding public trust and the standing of the accounting profession in the U.S., while referencing corporate governance failures like Lehman Brothers as cautionary examples.
Step-by-step explanation:
The elements of the ruling in the Burger Court opinion highlight the importance of independent audits in maintaining public trust and ensuring the accuracy of a company's financial information. The references most notably point to the role of the auditing firm as a vital institution in corporate governance that offers an additional layer of oversight beyond the board of directors and outside investors.
These audits are seen as foundational to the legitimacy and function of the accounting profession in the U.S. However, cases such as the Lehman Brothers scandal serve as a reminder of the potential for these mechanisms to fail, underscoring the necessity for effective corporate governance processes and the significant responsibilities of auditing firms.