• 1) What is the major difference between the Securities Act of 1933 & 1934? 2) Why is it that many commentators have stated that The 1933 act requirement created the profession of Certified Public Accountancy? 3) Harry and Moe decide to form a corporation by transferring $50,000 each in exchange for corporate stock. a) Does the stock qualify as an Exempt Security? b) Does this qualify as an Exempt Transaction? c) If you answer "yes" to a or b above, which exemption specifically applies? 4) What are the defenses a CPA firm might use if accused of violating the 1933 Act?