Business Law Study Set 7
Quiz 51: Accountants Duties and Liability
Accountants Cannot Be Held Criminally Liable for Material Irregularities in Financial
Accountants cannot be held criminally liable for material irregularities in financial statements prepared for registration statements.
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Give an account of the Private Securities Litigation Reform Act of 1995.
The ________ Act of 1976 specifically imposes penalties and fines for the willful understatement of a client's tax liability. A) Tax Reform B) Racketeer Influenced and Corrupt Organizations C) Private Taxation Litigation Reform D) Uniform Securities
Which of the following is a necessity to bring a private civil action against a violator of Racketeer Influenced and Corrupt Organizations Act (RICO) based on securities fraud? A) The accountant must not be a third-party independent contractor. B) The defendant has to be first criminally convicted in connection with the securities fraud. C) The plaintiff should file the case before the government brings a lawsuit. D) The defendant has to be tried by the application of the Section 32(a) of the Securities Exchange Act of 1934 first.
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