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During a particularly stimulating lecture by your accounting ethics professor on accountants legal liabilities, the following question was posed: Assume you are a CPA and

During a particularly stimulating lecture by your accounting ethics professor on accountants legal liabilities, the following question was posed: Assume you are a CPA and have just been sued by a third party for your failure to conduct a proper audit. What are your defenses to allegations of negligence? What about defenses to allegations of fraud?

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