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In Louisiana School Employees' Retirement System v. Ernst & Young, in which the Sixth Circuit...

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Question

Accounting

In Louisiana School Employees' Retirement System v. Ernst & Young, in which the Sixth Circuit
Court of Appeals affirmed the dismissal of a securities fraud complaint against EY, the
opinion of the court
Time
Attempt
26 Min
held the auditors not legally liable because the plaintiff could not plead with particularity that the
audit work was so deficient as to amount to no audit at all.
held the auditors legally liable because they failed to exercise due care and to demonstrate
professional skepticism.
held the auditors legally liable because they failed to gather sufficient, competent evidential matter
to warrant the expression of an opinion.
held the auditors were not legally liable because they met all professional standards.
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