Which of the following statements is true of misstatements or omissions of material facts in the information furnished by accountants for registration statements?
A. An accountant is not liable to a purchaser of securities issued pursuant to a defective registration statement.
B. A purchaser can recover even if the accountant can demonstrate that the purchaser was aware of the misstatements or omissions in the registration statement before buying the securities.
C. An accountant's duty is to have a reasonable belief in the accuracy of the figures at the time the registration statement becomes effective.
D. A purchaser cannot recover if he has not read the registration statement containing the material misstatements or omissions.
Answer: C
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