Auditing And Assurance Services
Auditing And Assurance Services
17th Edition
ISBN: 9780134897431
Author: ARENS, Alvin A.
Publisher: PEARSON
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Chapter 5, Problem 24DQP
To determine

Specify whether the statement should be proven as per the given acts.

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Under the 1933 Securities Act, which of the following must be proven by the purchaserof the security?Reliance on the Fraud byFinancial Statements The CPA(1) Yes Yes(2) Yes No(3) No Yes(4) No No
When investors sue auditors for damages under section 11 of the Securities Act of 1933,they must allege and provea. Scienter on the part of auditors.b. The audited financial statements contained a material misstatement.c. They relied on the materially misstated financial statements.d. Their reliance on the materially misstated financial statements was the direct cause oftheir loss.
An auditor was sued and found guilty of negligence. For each of the following situations, indicate the likelihood the plaintiff would win if the plaintiff is: An investor suing under the 1934 Securities Exchange Act. An investor suing under the 1933 Securities Act.
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