Auditing And Assurance Services
17th Edition
ISBN: 9780134897431
Author: ARENS, Alvin A.
Publisher: PEARSON
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Question
Chapter 5, Problem 9RQ
To determine
Distinguish the auditor’s liability under the Securities Act of 1933 with that under Securities Exchange Act of 1934.
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Contrast the auditor’s liability under the Securities Act of 1933 withthat under the Securities Exchange Act of 1934.
What are the major differences in auditors’ liability under the Securities Act of 1933 and the Securities Exchange Act of 1934?
1)List and explain the General Standards.
2)What are the Auditor’s Liabilities under Common Law and Contract Law.
3)
What are the Auditor’s Liabilities under Statutory Law (SEC Acts and Other Acts of Congress).
Securities Act 1933:
Securities & Exchange Act 1934:
Foreign Corrupt Practices Act (1977):
Private Securities Litigation Reform Act (1995/1998):
Sarbanes-Oxley Act (2002):
Chapter 5 Solutions
Auditing And Assurance Services
Ch. 5 - Prob. 1RQCh. 5 - Prob. 2RQCh. 5 - Prob. 3RQCh. 5 - Prob. 4RQCh. 5 - Prob. 5RQCh. 5 - Prob. 6RQCh. 5 - Prob. 7RQCh. 5 - Prob. 8RQCh. 5 - Prob. 9RQCh. 5 - Prob. 10RQ
Ch. 5 - What potential sanctions does the SEC have against...Ch. 5 - Prob. 12RQCh. 5 - Prob. 13RQCh. 5 - Prob. 14.1MCQCh. 5 - Prob. 14.2MCQCh. 5 - Prob. 14.3MCQCh. 5 - Prob. 15.1MCQCh. 5 - Prob. 15.2MCQCh. 5 - Prob. 15.3MCQCh. 5 - Prob. 16.1MCQCh. 5 - Prob. 16.2MCQCh. 5 - Prob. 16.3MCQCh. 5 - Prob. 17DQPCh. 5 - Prob. 18DQPCh. 5 - Prob. 19DQPCh. 5 - Prob. 20DQPCh. 5 - Prob. 21DQPCh. 5 - Prob. 22DQPCh. 5 - Prob. 23DQPCh. 5 - Prob. 24DQPCh. 5 - Prob. 27DQPCh. 5 - Prob. 28C
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Similar questions
- Under federal securities laws, the SEC has the authority to set accounting standards in the United States. True /False ?arrow_forwardDescribe the due diligence and causation defenses available to auditors under the Securities Act.arrow_forwardExplain the disclosure requirements of the 1933 Act, including which securities and transactions are exempt from these disclosure requirements.arrow_forward
- Under what circumstances is a company exempt from filing a registration statement with the SEC prior to the issuance of securities?arrow_forwardWhat was the primary reason for the establishment of the 1933 Securities Act and the 1934 Securities Exchange Act? What power does the Securities and Exchange Commission (SEC) have?arrow_forwardWhich of the following statements regarding auditors’ liability under the Securities Act of1933 is not true?a. The act relates to the initial issuance of securities to the public, normally through an initial public offering.b. Auditors’ liability arises because of audited financial information filed with the SEC.c. Third parties must demonstrate that they relied on misstated financial statements thatwere examined by auditors.d. Auditors may be liable if they are found to have engaged in ordinary negligence.arrow_forward
- Please answer the question: After the Securities Act of 1933 and Securities Exchange act of 1934, what did auditors focus on? Why was the change in focus necessary?arrow_forwardThe burden of proof that must be proven to recover losses from the auditors under the Securities Exchange Act of 1934 is generally considered to be: :arrow_forwardWhat was established as a result of the passage of the Dodd Frank law by Congress to provide incentives to assist in the enforcement of federal securities law violations?arrow_forward
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