Which of the following is the best defense a CPA firm can assert in a suit for common law fraud based on its unqualified opinion on materially false financial statements?

Question

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The best defense that a CPA firm can assert in a suit for common law fraud based on its unqualified opinion on materially false financial statements is lack of scienter. This means that the CPA firm can argue that they did not have knowledge or intent to deceive, and therefore should not be held liable for any fraud committed by the client. Contributory negligence on the part of the client, a disclaimer contained in the engagement letter, and lack of privity are not effective defenses in this situation.

Which of the Following Is the Best Defense a CPA