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Austin LLP,a CPA firm,audits financial statements of Cooley Company.Cooley tells Austin that the statements will be used to sell preferred shares in a registered offering under the Securities Act of 1933.Austin is concerned about its potential liability under Section 11 of the Securities Act of 1933 for mistakes in the audited financial statements.Discuss Austin's due diligence defense under Section 11.
Federal Reserve District Banks
The 12 regional banks in the Federal Reserve System, each serving a specific geographic area of the United States, responsible for implementing the country's monetary policies.
Recessions
A phase of limited economic decrease, with trade and industry activity lowering, usually identified by a decrease in GDP in two adjacent quarters.
Federal Reserve Notes
Paper money issued by the Federal Reserve, the central banking system of the United States, used as the country's standard currency.
Money Supply
The comprehensive amount of money assets in an economy at a specific point in time.
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