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Er 24, 1973 THE SEC ACCOUNTING AND FINANCIAL REPORTING INSTITUTE Americana Hotel New York, New York THE LEGAL LIABILITY OF THE ACCOUNTANT A. A. SOMMER, JR. * Commissioner Securities and Exchange Commission Washington, D. C. The barrage of litigation which commenced in the sixties and has carried over into the present decade has jolted the accounting profession harshly. Like the victims of an earthquake, many wander dazedly asking what happened; where did the force come from; why wasn t it f.

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