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Jim, a CPA, conducts an audit of a Corporation. The audit discloses that the Corporations...

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Accounting

Jim, a CPA, conducts an audit of a Corporation. The audit discloses that the Corporations profits have doubled since last year, and Jim rightfully discloses this fact to Don, the chief financial officer (CFO) of the Corporation. The reports are sent to the printer, Jimmy, who reads them closely. Prior to the earnings information being made public,Jim, Don and Jimmy buy stock in the Corporation at $100 per share. After the earnings information is made public the stock of the Corporation increases to $150 per share. Identify the problem here, explain what law applies, and who might be liable. What is the outcome?

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