True or False: 1. Auditors are only liable under the 1933 Act if they intentionally misrepresent financial
Question:
1. Auditors are only liable under the 1933 Act if they intentionally misrepresent financial statements.
2. Auditors generally are not liable if they follow GAAP and GAAS.
3. Accountants are prohibited under federal law from disclosing a client’s confidential information.
4. If auditors discover that company officers have committed an illegal act, they must immediately report this wrongdoing to the SEC.
5. Under federal law, accounting firms may not provide any consulting services to companies that they audit.
GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...
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Related Book For 
Introduction To Business Law
ISBN: 9780324826999
3rd Edition
Authors: Jeff Rey F. Beatty, Susan S. Samuelson
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