+ upv YeDISCUSSION CASE@ Lo 11, @1-21-29You recently attended your five-year college reunion. At the...

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+ upv YeDISCUSSION CASE@ Lo 11, @1-21-29You recently attended your five-year college reunion. At the main reception, you encountered an old friend, Dashawn Beagle, whoecently graduated from law school and is now practicing with a large law firm in town. When you told him that you are a CPA andemployed by a regional CPA firm, he made the following statement: “You know, if the securities acts had not been passed by Congressin the 1930s, no one would be interested in having an audit performed.”Required:Draft a one-page memo that highlights your thoughts about Dashawn’s statement that audits only take place because they are requiredy law.

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Memorandum
To:  Dashawn Beagle
From:  Student Name
Date: 3rd Feb 2023
Re: Audits Performed Without Securities Acts
It was great to run into you at our five-year college reunion, Dashawn! It was a pleasure to catch up with you and to hear about your success in law school and hear about your law firm. 
I was surprised when you made the statement that “if the securities acts had not been passed by Congress in the 1930s, no one would be interested in having an audit performed.” Your statement did cause me to consider the importance of an audit, and how it relates to the securities acts. As a Certified Public Accountant (CPA) employed by a regional firm, I thought it would be beneficial to discuss the significance of the securities acts in an audit and explore the potential of an audit being requested and performed absent their existence. 
Overview of Securities Acts
The Securities Acts of 1933 and 1934 were enacted in the United States during the Great Depression as a response to the prevalent fraudulent practices leading up to the stock market crash of 1929. The 1933 Act specified registration requirements for securities, established a central market for telling investors about investments, and set criminal penalties for misrepresenting or failing to disclose information about securities. The 1934 Act created the Securities and Exchange Commission (SEC) to enforce the provisions of the 1933 Act. (Chin, 2019). 
The 1933 Act included a securities registration system and was created to ensure that information provided to investors was complete and accurate. The 1933 Act requires the registration of securities with the SEC before they can be sold to the public. The registration enables investors to make the most informed decision possible by providing investors with all of the material information they need to make an educated investment decision (U.S.

+ upv Ye DISCUSSION CASE @ Lo 11, @1-2 1-29 You recently attended your five-year college reunion. At the main reception, you encountered an old friend, Dashawn Beagle, who recently graduated from...

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