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36) Which statement accurately describes the liability of accountants under the law of Canada? A) Canadian law does not recognize liability on the part of an auditor for misrepresentations made in secondary-market disclosures made with the auditors’ written consent. B) As in the U.S., in Canada the common law holds accountants liable for negligence to clients. C) Canadian law is well settled in relation to an accountant’s liability to nonclients. D) In Quebec alone, accountants may not be held liable even if a causal link between fault and damage is established. E) Canadian law does not recognize liability of an auditor in relation to a prospectus distributed with the auditor’s filed consent by an issuer of securities containing misrepresentations. 37) What is the rationale behind the Restatement Test of accountant liability to third-parties? A) Potential investors should have a route of recovery even if they could not be foreseen by accountants. B) The general public should have a route of recovery even if they could not be foreseen by the accountant. C) It is only fair to hold accountants liable if they are in privity with a plaintiff. D) The economy will benefit if investors recognize that they have sufficient rights of recovery. E) Much of what accountants do is prepare work for parties that are not their clients and therefore, it makes sense for accountants to owe a duty to intended receivers. 38) Which of the following is viewed as a middle ground test in regard to accounting liability to third-party users? A) The Ultramares Rule B) The Restatement Test C) The Privity Rule D) The Near Privity Rule E) The Reasonably Foreseeable Users Test 39) Which of the following is true regarding states that have adopted the reasonably foreseeable users test for accountant liability to third-parties? A) Very few states have adopted it. B) All states have adopted it. C) Three-quarters of the states have adopted it. D) All 50 states have rejected it although it is the proposed rule under the Restatement (Third) of Torts. E) Half the states have adopted it. 40) Under which of the following tests is an accountant held liable to any third-party that was or should have been foreseen as a possible user of the accountant’s work product and that, in fact, did use and rely upon that work product for a proper business purpose? A) The Privity Test B) The Restatement Test C) The Ultramares Rule D) The Reasonably Foreseeable Users Test E) The Near Privity Test  Â

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