Consider Section 24 of the Securities Act of 1933 and Section 32 of the Securities Exchange Act

Question:

Consider Section 24 of the Securities Act of 1933 and Section 32 of the Securities Exchange Act of 1934. Do you believe an auditing firm should be held criminally responsible for a fraud committed by its client’s management team? Next, based on the case information, do you believe that the BLMIS auditor, Friehling, should be facing criminal charges? Why or why not?