Business Law Today Comprehensive Study Set 1
Quiz 42: Liability of Accountants Other Professionals
A Failure to Follow Generally Accepted Accounting Principles and Generally
A failure to follow generally accepted accounting principles and generally accepted auditing standards is proof of a lack of due diligence.
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An accountant is not liable for a misstatement to a purchaser of securities who knew of the misstatement but invested anyway.
An accountant who prepares a financial statement in good faith may avoid liability under Section 18 of the Securities Exchange Act of 1934.
Under the Securities Exchange Act of 1934,an accountant may be liable for a misleading statement that affects the price of a security even if the accountant acted in good faith.
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