Subject: Business Law All of the questions for this week's assignment are true/false. 1 Mary tells her accountant, "I mu

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Subject: Business Law
All of the questions for this week's assignment are
true/false.
1 Mary tells her accountant, "I must have this year's audit
completed by March 1, and time is of the essence." The accountant
agrees to complete the audit by March 1. Under general contract
law, if the audit is not completed by March 1, Mary does not have
to pay the accountant for the audit.
2. Accountants are subject to civil liability under the
Securities Act of 1933 if the financial statements they prepare or
certify for inclusion in a registration statement contain any
untrue statement or omit any material fact, but only if reliance on
the financial statements is proven.
3. An accountant is generally held to be the owner of the
working papers he uses in performing an audit.
4. An accounting firm may perform both bookkeeping services and
audits for the same client.
5. The lead audit partner having primary responsibility for an
audit and the partner responsible for reviewing the audit must
rotate at least every 3 years.
Please explain