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Question 5.
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 6.
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
differences between a state or local governments budgetary practiceswhat are the possible differences that may occur
Determine when these two companies recognize revenue for product sales allowing customers the right of return.
what is the direct labor (a) rate variance, (b) time variance, and (c) cost variance? Use the minus sign to enter favorable variances as negative numbers.
determined with absorption costing and direct costing.1. the shift in the amount of manufacturing overhead costs
To lower the value of its stock, Ostrich distributes $4 million cash to Daisy (sufficient E & P exists to cover the distribution). At a later date, Daisy sells Ostrich for $26 million. Illustrate what are the tax consequences to Daisy on the sale?
computation of annual payment.you will retiring in 25 years and want to have amassed 1 million in savings at the time
The investing section of the statement of cash flows report
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Santos is considering buying the part from a supplier for a quoted price of $2.70 per unit guaranteed for a three-year period. Should the company continue to manufacture the part, or should it buy the part from the outside supplier? Support your a..
question 1 in 2006 gitta contributed property with a basis of 500000 and a fair market value of 3000000 to a qualified
. It also paid $55,000 for a fence around the property, $14,000 for the company sign near the property entrance, and $8,000 for lighting of the grounds. Determine the cost of Ayer’s land, land improvements, and building.
what was the top marginal personal income tax rates in 1980? what is the top rate now? are you in favor of or opposed to the lower marginal rates? why
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