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Question 1.
Why would the courts want to limit the ability of third parties to sue auditors who have been negligent? Are there any arguments that this liability should not be limited?
Question 2.
A. Explain the impact that the Pacific Acceptance case had on existing auditing practice.
B. List four of the procedures or practices that were identified in the ruling as being part of a competent audit.
Question 3.
Match the case with the ruling:
Cases: Rulings:
Caparo Industries Pty Ltd v. Dickman
Duty of Care owed to third parties in the absence of a contract where the plaintiff has suffered physical injury
Kingston Cotton Mill Co.
The standards for an auditor's level of skill and care are more exacting today than in 1896
Segenhoe Ltd v. Akins & Ors
Third party liability for auditors under the tort of negligence
AWA Ltd v. Daniels
An auditor's duty of care is owed to shareholders as a group, not to individual shareholders
Donoghue v. Stevenson
An auditor is a watchdog, but not a bloodhound
Twomax Ltd v. Dickson, McFarlane & Robinson
Contributory negligence
Pacific Acceptance Corporation Ltd v. Forsyth
Auditors are liable for any dividends paid out of capital due to auditor negligence
Please see article. Identify one of the issues or activities that the World Bank is involved. How have they made a difference in a developing country or countries with regards to this issue?
A Business report identifying auditing procedures and practices
Selzer Equipment Company sold 610 Rollomatics during 2012 at $6,580 each. During 2012, Selzer spent $25,950 servicing the 2-year warranties that accompany the Rollomatic. All applicable transactions are on a cash basis.
Who issues the audit estimation on the U.S. Federal Government Consolidated Financial Statements? What was the opinion on the FY 2012 U.S. Federal Government Consolidated Financial Statements?
While the net worth method focuses on the balance sheet and the increase in net worth for the year the bank deposit method looks at the money deposited and withdrawn throughout the year.
Which of the following conditions is necessary for a practioner to accept an attest engagemetn to examine and report on a nonissuer's internal control over financial reporting?
Write down a report in 700 words, justifying the need for the system when controls are in place with insurance and portfolio approaches.
Describe the accounting treatment for discontinued operations. How should an analyst treat discontinued operations?
Identify the strengths and weaknesses of ABC Ltd's audit committee - The committee has just completed having its formal charter drawn up which details its rights and responsibilities.
Which of the following procedures would an auditor most likely include in the initial planning of a financial statement audit?
Financial Statement Assertions: Inventory Inventories are properly at the lower of cost or market. Inventories in the warehouse on the balance sheet date are all reported.
The audit committee helps to assure independence. The audit committee is comprised of directors, not managers, and their job is to appoint, retain, oversee, evaluate and terminate the audit firm.
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