Typical defenses for auditors in common law actions include all of the following,except
A)The plaintiff was foreseen.
B)The plaintiff contributed to the failure to detect material misstatements.
C)The financial statements were not materially misstated.
D)The audit was conducted in accordance with generally accepted auditing standards.

Question

Quizplus · Accepted Answer

The defense of "the plaintiff was foreseen" does not exist in common law actions for auditors. The other options are common defenses used by auditors, including the defense that the audit was conducted in accordance with GAAS, the financial statements were not materially misstated, and the plaintiff contributed to the failure to detect material misstatements.

Typical Defenses for Auditors in Common Law Actions Include All