The Rosenblum case ruling was of concern to the accounting profession because it implied that
A)Full joint and several liabilities would be reinstated.
B)All possible third party users of financial statements must be anticipated.
C)The concept of contractual privity would no longer be important.
D)Financial liability would occur when scienter was a factor.

Question

Quizplus · Accepted Answer

The Rosenblum case ruling implied that all possible third party users of financial statements must be anticipated, which was of concern to the accounting profession as it could increase the scope of potential liability for auditors and accountants.

The Rosenblum Case Ruling Was of Concern to the Accounting