Under which act (or acts)may liability charges be filed against a CPA who has performed a financial statement review for a public company?
$\begin{array}{lll}&\text { Securities Act of } 1933&\text { Securities Exchange Act of } 1934\
\text { A } & \text { Yes } & \text { Yes } \
\text { B. } & \text { Yes } & \text { No } \
\text { C. } & \text { No } & \text { Yes } \
\text { D. } & \text { No } & \text { No }
\end{array}$

Question

Under which act (or acts)may liability charges be filed against a CPA who has performed a financial statement review for a public company?  
$\begin{array}{lll}&\text { Securities Act of } 1933&\text { Securities Exchange Act of } 1934\
\text { A } & \text { Yes } & \text { Yes } \
\text { B. } & \text { Yes } & \text { No } \
\text { C. } & \text { No } & \text { Yes } \
\text { D. } & \text { No } & \text { No }
\end{array}$

Quizplus · Accepted Answer

Liability charges against a CPA who has performed a financial statement review for a public company can be filed under both the Securities Act of 1933 and the Securities Exchange Act of 1934. The 1933 Act deals with the initial sale of securities to the public, requiring truthful disclosure to prevent fraud. The 1934 Act regulates the secondary trading of those securities, ensuring ongoing disclosure and preventing deceptive practices.

Under Which Act (Or Acts)may Liability Charges Be Filed Against