Mark Knopf is an auditor who has been asked to provide an audit and financial statement certification for a company that is going public on the New York Stock Exchange.Knopf wants to know his personal liability if the company provides him with inaccurate or false information.Which of the following sources of law will help him answer that question?
A)the city ordinances where the company headquarters is located
B)the state constitution of the state where the company is incorporated
C)Code of Federal Regulations
D)all of the above

Question

Mark Knopf is an auditor who has been asked to provide an audit and financial statement certification for a company that is going public on the New York Stock Exchange.Knopf wants to know his personal liability if the company provides him with inaccurate or false information.Which of the following sources of law will help him answer that question? ​
A)​the city ordinances where the company headquarters is located
B)​the state constitution of the state where the company is incorporated
C)Code of Federal Regulations
D)all of the above

Quizplus · Accepted Answer

The Code of Federal Regulations encompasses a set of rules and regulations established by federal agencies to implement federal laws. These regulations detail the responsibilities that auditors must meet in order to issue an audit opinion. They also outline the legal liability for providing inaccurate information. State constitutions and city ordinances will not be helpful in this specific case, as they are not likely to address the issue of financial auditing liability at the federal level.

Mark Knopf Is an Auditor Who Has Been Asked to Provide