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Question
Which of the following is true of Section 11 of the Securities Act of 1933?A) It permits injured private parties to bring criminal actions against issuers who file fraudulent registration statements.
B) It imposes liability on those who defraud investors intentionally or are negligent in not discovering the fraud.
C) It allows an issuer to assert a due diligence defense against the imposition of Section 11 liability.
D) It does not apply to a case involving the negligent omission of a material fact in a registration statement.
Answer
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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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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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