Which of the following statements about the Securities Act of 1933 is not true?
A) A third party that purchased securities described in the registration statement may sue the auditor for material misrepresentations or omissions in the audited financial statements.
B) A third-party user does not have the burden of proof that he/she relied on the financial statements.
C) A third-party user has the burden of proof that the auditor was either negligent or fraudulent in doing the audit.
D) A third-party user does not have the burden of proof that the loss was caused by the misleading statements.
Correct Answer:
Verified
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