For what type of actions can clients bring suit against auditors under common law? What must clients prove prior to bringing suit in each case?
Answer to relevant QuestionsWhat must third parties prove in a common law action seeking recovery of damages from auditors?How is section 11 of the Securities Act different from the legal environment that exists under common law?List some of the major changes in auditors’ liability provided by Sarbanes- Oxley.When a client sues an accountant for failure to perform consulting work properly, the accountants’ best defense is probably based on the doctrine of a. Lack of privity of contract. b. Contributory negligence on the part of ...Section 11(b) of the Securities Act of 1933 provides that individuals can be sued and may be liable for investors’ losses in connection with a public securities offering under which of these circumstances? a. The chairman ...
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