Describe accountants’ liability to third parties under common law and related defenses.Describe accountants’ civil liability under the federal securities laws and related defenses.

Understand the litigious environment in which CPAs practice.
Explain why the failure of financial statement users to differentiate among
business failure, audit failure, and audit risk has resulted in lawsuits.
Use the primary legal concepts and terms concerning accountants’ liability as a basis for studying legal liability of auditors.
Describe accountants’ liability to clients and related defenses.
Describe accountants’ liability to third parties under common law and related defenses.
Describe accountants’ civil liability under the federal securities laws and related defenses.
Specify what constitutes criminal liability for accountants.
5-8 Describe how the professionand individual CPAs can reduce the threat of litigation.

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