Pursuant to a public offering, a CPA firm audited the financial statements. After the offering, omissions and misstatements were found. The CPA firm is now being sued by the purchasers of the stock. The purchasers are alleging that the erroneous financial statements in the registration statement caused them to suffer a monetary loss. The CPA firm can avoid liability if it can prove
A)that it used due diligence in auditing the financial statements.
B)the corporation was the party who made misstatements and omissions.
C)the firm believed that the statements were accurate.
D)None of the above will avoid liability.
Question 2
The President of the United States can by executive order provide import relief in the form of temporary tariff increases or quotas without having to consulting any other organization.
Indicate whether the statement is true or false
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E9-23 Prepare income statements Explain the difference in operating income