Accountants are subject to civil liability under the Securities Act of 1933 if the financial statements they prepare or certify for inclusion in a registration statement contain any untrue statement or omit any material fact, but only if reliance on the financial statements is proven.

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Under the Securities Act of 1933, accountants can be held liable for untrue statements or omissions in financial statements included in a registration statement, regardless of whether reliance on those statements is proven.

Accountants Are Subject to Civil Liability Under the Securities Act