Advantages:

1. Framework for Audits: Auditing standards provide a structured framework for all audits, guiding the auditor in their work.
2. Standardized Approach: They help in standardizing the audit process, ensuring consistency across audits, and helping all auditors aim for a common objective—issuing an audit opinion.
3. Legal Interpretation: Standards assist courts in interpreting the concept of ‘due professional care,’ which may help auditors defend their work in legal disputes.
4. Public Awareness: They increase public understanding of the audit process, making it more transparent.
5. Client Disputes: Auditing standards support auditors in potential disputes with clients regarding the necessary audit work to be performed.

Disadvantages:

1. Impacts Professional Judgment: Some may view auditing standards as restricting professional judgment, which can be crucial in unique audit scenarios.
2. Stifles Innovation: There is concern that standards may hinder the development of new auditing methods or innovative practices.
3. Increases Workload and Fees: Auditing standards might lead to additional and possibly unnecessary work, particularly for smaller companies, potentially increasing audit fees.

Consequences of Statutory Enforcement:

1. Government Intervention: If auditing standards were enforceable by statute, it would lead to government involvement in areas traditionally managed by the auditing profession, which could diminish the role of self-regulation.
2. Generalization of Standards: Statutory enforcement would necessitate broad, general standards applicable to all situations, which could reduce their usefulness in specific audit contexts.
3. Compliance Over Quality: Auditors may focus more on complying with the statutory requirements rather than delivering quality services, impairing overall audit practices.
4. Rigid Approaches: Full statutory backing for standards could force auditors into a narrow view of audit procedures, potentially reducing the flexibility and effectiveness of accounting and auditing practices.