Problem

Which of the following is not a valid defense for auditors’ liability to third parties for...

Which of the following is not a valid defense for auditors’ liability to third parties for ordinary negligence under common law?

A. The loss was caused by factors other than the materially misstated financial statements.

B. The third parties lack the proper standing (relationship) to bring suit in that jurisdiction.

C. The third parties lack a privity relationship with auditors.

D. The third parties did not rely upon the financial statements.

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