Many corporate scandals of the past years (Enron, Worldcom) have made apparent the essential role of professional service providers, such as auditors, corporate lawyers, and securities analysts, in detecting and revealing corporate misconduct on the part of their clients [Coffee, J., Jr. (2006). Gatekeepers. The role of the professions in corporate governance. Oxford University Press]. Political ... [Show full abstract] and legal responses in the aftermath of those scandals have increased the level of regulatory intervention upon auditors and lawyers. For instance, several measures were introduced in the Sarbanes–Oxley Act of 2002, and were recommended by the European Commission.