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Question
Which of the following can an accountant use as a defense to liability under Section 11(a) of the Securities Act of 1933?A) the nolo contendere rule
B) the due diligence defense
C) theUltramares doctrine
D) the foreseeability standard
Answer
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Related questions
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C) Motions for amendments to the constitution cannot be made without a majority in the parliament.
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Registered accounting firms that audit more than 100 public companies annually are subject to inspection and review by the Public Company Accounting Oversight Board (PCAOB) once a year.
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The SEC has oversight and enforcement authority over the Public Company Accounting Oversight Board (PCAOB).
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The accountant-client privilege provides that ________.
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C) an accountant cannot be called as a witness against his or her client in a court action
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Accountants cannot be held criminally liable for material irregularities in financial statements prepared for registration statements.
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A due diligence defense cannot be asserted by an accountant against the civil liabilities of Section 11(a) of the Securities Act of 1933.
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Which of the following is true of Rule 10b-5?
A) Privity of contract is necessary for filing a lawsuit under this rule.
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When an accountant has behaved negligently causing damage to a third party, the third party ________.
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Which of the following is the broadest standard for holding accountants liable to third parties for negligence?
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A rule that says that an accountant is liable for negligence to third parties who are foreseeable users of the client's financial statements is known as ________.
A) the foreseeability standard
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A qualified opinion is the most favorable opinion that an accountant can render.
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The ________, an organization created by the accounting profession, issues new GAAP rules and amends existing rules.
A) Financial Accounting Standards Board (FASB)
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Which of the following statements is true of accountants?
A) Accountants who pass the CPA examination are called private noncertified accountants.
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D) Accountants who lack CPA certification are called public accountants.