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Section 11 of the Securities Act of 1933 and Section 10 of the...

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Accounting

Section 11 of the Securities Act of 1933 and Section 10 of the Securities Exchange Act of 1934 make a CPA potentially liable to a buyer of registered securities. For points a to f, place a check mark () below the column if the plaintiff must prove its existence:

The Claimant must provide

Section 11

(Securities Act of 1933)

Section 10

(Securities Exchange Act of 1934)

A

Financial statements are deceptive

B

CPA did not act with due diligence.

C

The Claimant relied on the financial statements.

D

CPA acted as a scientist

E

The plaintiff suffered a loss.

F

The plaintiff was the main beneficiary of the audit.

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