Under Section 11 of the Securities Act of 1933,an underwriter is liable for errors in the entire Securities Act registration statement because an underwriter is an expert.

Question

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Because the underwriter is not an expert under Section 11 of the Securities Act of 1933,the underwriter is liable for errors in the entire registration statement.Since an auditor is an expert,the auditor is liable only for the part of the registration statement contributed by the auditor because an auditor is an expert.

Under Section 11 of the Securities Act of 1933,an Underwriter