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Question
The Private Securities Litigation Reform Act of 1995 requires an auditor to:
A. report to the Securities and Exchange Commission a client's illegal act that has a material impact on the financial statements of the client when the client has failed to take remedial action.
B. resign from an audit engagement when the client commits an illegal act that has a material impact on the financial statements of the client and the client has failed to take remedial action.
C. inform a client's shareholders of the client's illegal act that has a material impact on the financial statements of the client when the client has failed to take remedial action.
D. force a client to disclose to its shareholders and to the Securities and Exchange Commission a client's illegal act that has a material impact on the financial statements of the client when the client has failed to take remedial action.
Answer
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