[CPASF1]

if possible, can someone please provide a chart for the 1933 and 1934 Acts, as well as common law please or let me know where I am missing details on the one below. I am looking over the one from my review course, but would like a different perspective. while trying to use the chart i have, i keep getting some on the NINJA questions wrong thank you!

Here’s what I understand so far:

1933 (initial issuance):
who can sue: anyone (no privity needed)
Plantiff prove: material misrepresentation, suffered loss
Defenses: followed GAAS, plantiff did not rely, auditor show he was not negligent

1934:
Plantiff must prove: Reliance, intent to deceive, material misstatement, suffered loss
auditor’s defense: conformity to GAAS
Section 10b: CPA will be liable if they acted without good faith.

Common Law Liability

Breach of Contract:
-need privity to sue
– intended 3rd party

defense: didn’t breach
lack of privity

Negligence Law
-need privity to sue
– known or foreseen by CPA

defense: lack of privity, adhered to GAAS(not neg)

Fraud/ Gross Negligence
– anyone
– unforeseen (unknown)

defense: not gross negligent, not material