It should be noted that in a private club, alcoholic beverages may be served only to D. All of the above.
<h3>What is a private club?</h3>
In a private club, a permit is given that allows the authorization of alcoholic beverages to be stored and possessed on club premises.
Also, in a private club, alcoholic beverages may be served only to and consumed by member, a family member of a club member, and a guest who is brought to the club by a member.
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Answer: Ultramares corporation v. Touche established Ultramares doctrine. Hochfelder v. Ernst & Ernst ruled that scienter is required before CPAs can be held liable.
Explanation:
All the options except the above are true. Ultramares corporation v. Touche did establish the Ultramares doctrine.
United States v. Natelli sentenced two CPAs to prison for a year, in addition to fines, for violating the Securities Exchange Act of 1934.
Bily v. Arthur Young did not uphold the restatement doctrine. The restatement doctrine restatement doctrine makes an auditor liable to people who rely on the quality of his work be they his clients or third parties. Two high courts ruled that auditors are not liable to third parties who use their work but only to the party that contracted their work.
However, Hochfelder v. Ernst & Ernst ruled that an allegation of scienter (an intention to deceive) is not required before CPAs can be held liable as long as the actions constitute actual deception.
While rule 10b-5 of the Exchange Act states the presence of scienter as a requirement to commit an offense, the court ruled against the statute by eliminating the Scienter clause from criminal statute and ruled against Ernst & Ernst.
A president vetoing law in an example of the CHECKS AND BALANCES principal of the constitution.
