A CPA is potentially liable under the Securities Act of 1933 and the Securities Exchange Act of 1934 to purchasers of publicly-traded securities. What must the plaintiffs (security holders) prove to recover damages under

a. The Securities Act of 1933

b. The Securities Exchange Act of 1934, Section 10

c. The Securities Exchange Act of 1934, Section 18.

Does the defendant (auditor) have any burden of proof under the above regulations? Explain