FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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What are the major differences in auditors’ liability under the Securities Act of 1933 and the Securities Exchange Act of 1934?
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- What does the Securities Act of 1933 cover?arrow_forwardWhich forms do most companies file with the SEC in connection with the offering of securities to the public?arrow_forward1)List and explain the General Standards. 2)What are the Auditor’s Liabilities under Common Law and Contract Law. 3) What are the Auditor’s Liabilities under Statutory Law (SEC Acts and Other Acts of Congress). Securities Act 1933: Securities & Exchange Act 1934: Foreign Corrupt Practices Act (1977): Private Securities Litigation Reform Act (1995/1998): Sarbanes-Oxley Act (2002):arrow_forward
- Select the necessary words from the list of possibilities to complete the following statements.arrow_forwardUnder which act (or acts) must a client prove that a CPA has performed an audit with due diligence to establish that CPA's liability? Securities Securities Exchange Act of 1933 Act of 1934 Yes A. Yes B. Yes No C. No Yes D. No No Multiple Choice 22arrow_forwardThe burden of proof that must be proven to recover losses from the auditors under the Securities Exchange Act of 1934 is generally considered to be: :arrow_forward
- Please answer the question: After the Securities Act of 1933 and Securities Exchange act of 1934, what did auditors focus on? Why was the change in focus necessary?arrow_forwardThe Overstock-Grant Thornton dispute was publicly aired via disclosure statements filed with the SEC. What impact do you believe those disclosures had on the investing public's confidence in the financial reporting domain and the independent audit function? Were the interactions between Overstock and Grant Thornton unprofessional or otherwise inappropriate? Explain.arrow_forwardAll investments in debt securities and investments in equity securities for which the investor lacks significant influence over the operation and financial policies of the investee are classified for reporting purposes in one of three categories, and can be accounted for differently depending on the classification. What are these three categories?arrow_forward
- How do the major provisionsof the Sarbanes–Oxley Actaffect a public company’s auditprocedures?arrow_forwardUnder what circumstances is a company exempt from filing a registration statement with the SEC prior to the issuance of securities?arrow_forwardAn auditor working with a publicly traded client learns that the client has been completing stock trades based on insider information. How should the auditor report any violations of the law?arrow_forward
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