True or False: 1. Auditors are only liable under the

True or False:
1. Auditors are only liable under the 1933 Act if they intentionally misrepresent financial statements.
2. Auditors generally are not liable if they follow GAAP and GAAS.
3. Accountants are prohibited under federal law from disclosing a client’s confidential information.
4. If auditors discover that company officers have committed an illegal act, they must immediately report this wrongdoing to the SEC.
5. Under federal law, accounting firms may not provide any consulting services to companies that they audit.

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