Distinguish between common law liability and statutory law liability. Which parties generally bring suit against auditors under common law and under statutory law liability?
Answer to relevant QuestionsFor what type of actions can clients bring suit against auditors under common law? What must clients prove prior to bringing suit in each case?What is a registration statement? How does the registration statement introduce potential liability to auditors under the Securities Act?What are the major differences in auditors’ liability under the Securities Act of 1933 and the Securities Exchange Act of 1934?Suppose that the auditors in the preceding question participated knowingly in commission of violations of securities laws (with managers and directors of the audit client). What is the auditors’ likely obligation? a. $ ...Under the Securities Exchange Act of 1934, entities are required to report to the public about changing auditors on a. Form 10- K. b. Form S- 1. c. Form 10- Q. d. Form 8- K.
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