Criminal liability for accountants
A) is not an option under securities law; there is only civil liability.
B) is possible under the Securities Act of 1933, the 1934 Act, state securities laws, and the Internal Revenue Code.
C) may result in fines but not imprisonment from violation of the federal securities laws.
D) will result from violation of the accountant-client privilege under federal law.
Question 2
GBH, an accounting firm, was hired to prepare financial statements for E-treme. Great State Bank has asked to see GBH's working papers since it is thinking about extending a 4 million line of credit to E-treme. Which of the following statements is correct?
A) GBH can show the bank the working papers because Great State Bank has a proper purpose.
B) GBH can show the bank the working papers because Great State Bank is a known third party.
C) GBH cannot show the bank the working papers under any circumstances as they are not finalized.
D) GBH cannot show the bank the working papers unless E-treme gives permission.
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