XYZ Ltd purchased ABC Ltd because of its strong financial performance indicated in its audited financial statements. Before the acquisition, the auditors of ABC Ltd met with executives of XYZ Ltd and provided confirmation that the financial statements were accurately presented. XYZ Ltd later discovered that the financial statements had been negligently prepared and ABC Ltd’s financial performance had been significantly overstated. Which of the following describes the relationship between XYZ Ltd and the auditors of ABC Ltd?
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