Petty corp. made a public offering subject to the securities act of 1933. In connection with the offering. Ward and co., CPAs, rendered an unqualified opinion on petty's financial statements included in the SEC registration statement. Huff purchased 500 of the offered shares. huff has brought an action against ward under section 11 of the securities act of 1933 for losses resulting from misstatements of facts in the financial statements included in the registration statement. Ward's weakest defense is that ward was not in privity of contract with huff. Huff knew of the misstatements when huff purchased standards. Huff's losses were not caused by the misstatements. Under the provisions of the employee retirement income security act of 1974(ERISA), which of the following statements is true? Employees are entitled to have an employer established pension plan. Employees are entitled to make investment decisions. Employers are prevented firm unduly delaying an employee's participation in a pension plan. Employers are prevented from managing retirement plans. Which of the following is incorrect regarding an engagement letter? The engagement letter should include a description of services to be performed beyond these required by professional standards. The engagement letter includes all necessary elements of a contract. The engagement letter need not include specific descriptions of services to be performed. The engagement letter is not a prerequisite to the formation of a personal service contract for audit services. Which of the following is an act discreditable to the accounting profession? Solicitation of uniform CPA examination questions without AICPA authorization. Failure to comply with a client's request for working papers. Not following applicable audit standards in a governmental audit although the report discloses the reasons for the failure. Becoming a defendant in an antidiscrimination lawsuit. Petty corp. made a public offering subject to the securities act of 1933. In connection with the offering. Ward and co., CPAs, rendered an unqualified opinion on petty's financial statements included in the SEC registration statement. Huff purchased 500 of the offered shares. huff has brought an action against ward under section 11 of the securities act of 1933 for losses resulting from misstatements of facts in the financial statements included in the registration statement. Ward's weakest defense is that ward was not in privity of contract with huff. Huff knew of the misstatements when huff purchased standards. Huff's losses were not caused by the misstatements. Under the provisions of the employee retirement income security act of 1974(ERISA), which of the following statements is true? Employees are entitled to have an employer established pension plan. Employees are entitled to make investment decisions. Employers are prevented firm unduly delaying an employee's participation in a pension plan. Employers are prevented from managing retirement plans. Which of the following is incorrect regarding an engagement letter? The engagement letter should include a description of services to be performed beyond these required by professional standards. The engagement letter includes all necessary elements of a contract. The engagement letter need not include specific descriptions of services to be performed. The engagement letter is not a prerequisite to the formation of a personal service contract for audit services. Which of the following is an act discreditable to the accounting profession? Solicitation of uniform CPA examination questions without AICPA authorization. Failure to comply with a client's request for working papers. Not following applicable audit standards in a governmental audit although the report discloses the reasons for the failure. Becoming a defendant in an antidiscrimination lawsuit