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Auditing & Assurance Services 6th Edition by Timothy Louwers
Edition 6ISBN: 978-0077862343Auditing & Assurance Services 6th Edition by Timothy Louwers
Edition 6ISBN: 978-0077862343 Exercise 51
When investors sue auditors for damages under section 11 of the Securities Act of 1933, they must allege and prove
A) Scienter on the part of auditors.
B) The audited financial statements contained a material misstatement.
C) They relied on the materially misstated financial statements.
D) Their reliance on the materially misstated financial statements was the direct cause of their loss.
A) Scienter on the part of auditors.
B) The audited financial statements contained a material misstatement.
C) They relied on the materially misstated financial statements.
D) Their reliance on the materially misstated financial statements was the direct cause of their loss.
Explanation
Verified
Verified
Thus, opti...
Auditing & Assurance Services 6th Edition by Timothy Louwers
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