The Rosenblum case ruling was of concern to the accounting profession because it implied that:
A) Full joint and several liability would be reinstated
B) All possible third party users of financial statements must be anticipated
C) The concept of contractual privity would no longer be important
D) Financial liability would occur when scienter was proven

Question

Quizplus · Accepted Answer

The Rosenblum case ruling emphasized the importance of considering all possible third-party users of financial statements and their reliance on them. This implied that accountants need to exercise due care in their work and consider the potential impact on a wide range of users beyond just the immediate client or intended audience.

The Rosenblum Case Ruling Was of Concern to the Accounting