Lily is auditing the financial statements of an important client. In reviewing the statements, the profits seem high given the loss of a lot of important business for her client that year. However, Lily ignores this red flag1. Lily may be liable under state law only 2. Lily may be liable under the Securities Act of 1933 only3. Lily may be liable under the Securities Acts of 1933 and 1934, and under state law4. Lily may be liable under state law only 5. None of the above