While auditing the financial statements of Foible Corp. (which statements are to be included ina Securities Act registration statement), Ernie, a certified public accountant, fails to review anyofFoible's journal entries, does not read the minutes of the meetings of the board of directors,and does not speak with the comptroller of Foible.Consequently, Ernie does not discover thatsubstantial loans, which went unmentioned in the financial statements and footnotes thereof,had been made to Foible officers.As a result, the registration statement omits any mention ofthe loans.Assuming the omitted fact is a material one and that Ernie is not an officer or directorofFoible, does Ernie face potential liability under the Securities Act of 1933?