FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

am. 27.

37. Which of the following is accurate with respect to litigation involving CPAs? a. A CPA will not be found liable for an audit unless the CPA has audited all affiliates of that company. b. A CPA may not successfully assert as a defense that the CPA had no motive to be part of a fraud. c. A CPA may be exposed to criminal as well as civil liability. d. A CPA is primarily responsible, while the client is secondarily responsible for the notes in an annual report filed with the SEC.
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Transcribed Image Text:37. Which of the following is accurate with respect to litigation involving CPAs? a. A CPA will not be found liable for an audit unless the CPA has audited all affiliates of that company. b. A CPA may not successfully assert as a defense that the CPA had no motive to be part of a fraud. c. A CPA may be exposed to criminal as well as civil liability. d. A CPA is primarily responsible, while the client is secondarily responsible for the notes in an annual report filed with the SEC.
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