Which of the following is NOT true regarding public accounting?

A$.$ Accountants can be held liable both to clients and to third parties.

B$.$ The term certified public accountant $($CPA$)$ applies to accountants who have met certain education requirements and passed the CPA examination.

C$.$ Public accountants' primary functions are to audit financial statements and render opinions about the audits.

D$.$ Most public accounting firms are organized and operated as LLCs$.$

E$.$ Lawsuits against accountants are based on the common law or on violation of certain lawsuits.