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1、Chapter04LegalLiabilityofCPAs?True/FalseQuestions?1.Fraudisdefinedasfailuretousereasonablecareintheperformanceofservices.??True????False?2.Mostoftheburdenofaffirmativeproofisonthedefendantundercommonlaw.??True????False?3.TheUltramaresv.Touchecaseestablishedthatauditorscouldbeheldliableto
2、anyforeseenthirdpartyforordinarynegligence.??True????False?4.TheSecuritiesExchangeActof1934offersrecourseagainsttheauditorstoafargreaternumberofinvestorsthandoestheSecuritiesActof1933.??True????False?5.TheprecedentsetbytheHochfelderv.Ernstcaseisgenerallybelievedtohaveincreasedauditors'le
3、galliability.??True????False?4-62Copyright?2016McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.6.Theauditorscanbeheldliablefornegligenceinauditsoffinancialstatements,butnotinreviewsoffinancialstatements.??True????Fals
4、e?7.TheresultsoftheContinentalVendingCorporationcaseincludedthecriminalprosecutionofauditorsforgrossnegligence.??True????False?8.Mostchargesmadeagainstauditorsundercommonlawarecriminal.??True????False?9.TheSecuritiesActof1934includesprovisionsforcriminalchargesagainstpersonsviolatingtheA
5、ct.??True????False?10.Theuseofengagementlettersisgenerallydesignedtopreventlawsuitsbythirdpartiesagainsttheauditors.??True????False??MultipleChoiceQuestions?4-62Copyright?2016McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEduc
6、ation.11.ACPAissuedanunqualifiedopiniononthefinancialstatementsofacompanythatsoldcommonstockinapublicofferingsubjecttotheSecuritiesActof1933.Basedonamisstatementinthefinancialstatements,theCPAisbeingsuedbyaninvestorwhopurchasedsharesofthispublicoffering.Whichofthefollowingrepresentsaviab
7、ledefense???A.?TheinvestorhasnotprovenCPAnegligence.B.?Theinvestordidnotrelyuponthefinancialstatement.C.?TheCPAdetectedthemisstatementaftertheauditreportdate.D.?Themisstatementisimmaterialintheoverallcontextofthefinancialstatements.?12.Whichofthefollowingisacorrectstateme
