Criminal liability for accountants

Select one:

a) is possible under the Securities Act of 1933, the 1934 Act, state securities laws, and the Internal Revenue Code.
b) will result from violation of the accountant-client privilege under federal law.
c) is not an option under securities law, there is only civil liability.
d) may result in fines but not imprisonment from violation of the federal securities laws.


Answered 8 months ago
Answered 8 months ago
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Accountants play a vital role in the internal control of the business. It requires a high moral standard as they execute their duties. Accountants may incur criminal or civil liabilities when the company suffers losses, fraud, misstatements, or non-compliance.

Hence, accountants should be diligent in evaluating their legal responsibilities and liabilities before accepting any projects and engagements.

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