Using the following letters, identify the case to which each statement is most closely related:
1.Established a three-point test for auditor liability, including that auditors demonstrate some action to acknowledge the existence of the third party and the third party’s intent to rely on the opinion and financial statements | Credit Alliance v. Arthur Andersen | ____ |
2.Was the first U.S. case involving a suit against auditors | Smith v. London Assurance Corp. | ____ |
3.Concluded that reckless misstatements even if not deliberate are the basis for liability to third parties | Ultramares Corp. v. Touche | ____ |
4.Found auditors liable for ordinary negligence under the Securities Act of 1933 | Ernst&Ernst v. Hochfelder | ____ |
5.Concluded that auditors had a duty to inform clients of instances of fraud even if hired for write-up work | 1136 Tenants’ Corp. v. Max Rothenberg&Co. | ____ |
6.Concluded that auditors could be liable to third parties who were not in privity with them | State Street Trust v. Ernst | ____ |
7.Established precedent for the plaintiff to prove scienter to recover damages under section 10(b) of the Securities Exchange Act of 1934 | Escott v. BarChris Construction Corp. | ____ |
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