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Auditors may be held liable to both their clients and third

Assignment

Auditors may be held liable to both their clients and third parties under common law.

a. Explain in details what must a client prove to recover its losses from the auditors under common law?

b. In a court that adheres to the precedent set by the Ultramares v. Touche case, explain in details what must an ordinary third party prove to recover losses from the auditors under common law?

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