Question: Distinguish between the auditors potential liability to the client, liability to third parties under common law, civil liability under the securities laws, and criminal liability.

Distinguish between the auditors potential liability to the client, liability to third parties under common law, civil liability under the securities laws, and criminal liability. Describe one situation for each type of liability in which the auditor can be held legally responsible.

Please keep response brief, less than 100 words.

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