To prevail in an action brought under common law,the plaintiff must show all of the following except
A) he or she was damaged or suffered a loss.
B) the financial statements contained a material misstatement.
C) auditors knew the financial statements contained a material misstatement.
D) he or she relied on the financial statements.

Question

Quizplus · Accepted Answer

Under common law, the plaintiff does not need to prove that auditors knew about the material misstatement, only that there was a misstatement and they relied on it, resulting in damages.

To Prevail in an Action Brought Under Common Law,the Plaintiff