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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.

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.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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.
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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