Reference no: EM131033986
Roberto Frientas and Herman Graham formed an Information Technology (IT) consulting business, which they organized as a limited liability partnership, Accent Pointe LLP. For the most part, each LLP client was assigned either to Frientas or Graham, but not both. On behalf of the LLP, Graham did an IT audit for Bemus, Inc., which required Graham to ensure that Bemus's IT controls complied with a federal law known as section 404 of the Sarbanes-Oxley Act. In doing this work, Graham was negligent in that he failed to check whether Bemus had an off-site backup system for critical records such as accounts receivable information. This omission resulted in Bemus's failure to comply with the federal law. As a result, when Bemus's computer system crashed internally, Bemus was unable to verify some of its accounts receivables, resulting in a loss of $500,000. In an effort to recover its losses, Bemus filed a lawsuit against three parties: Mr. Graham in his personal capacity, Accent Pointe LLP, and Mr. Frientas in his personal capacity
1. Is Mr. Graham liable for Bemus's loss? Why or why not?
2. Is Mr. Frientas liable for Bemus's loss? Why or why not?
3. Is Accent Pointe, LLP liable for Bemus's loss? Why or why not?
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