Problem

Which of the following is the best defense that auditors can assert in a suit for common l...

Which of the following is the best defense that auditors can assert in a suit for common law fraud based on their unqualified opinion on materially misstated financial statements?

A. Contributory negligence on the part of the client.

B. A disclaimer contained in the engagement letter.

C. Lack of privity.

D. Lack of scienter.

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