Schemes of fraud, Business Law and Ethics

Schemes of fraud:

Auditors must not be made liable for not tracking out ingenious and carefully laid schemes of fraud whenever there is nothing to arouse their suspicion, and whenever those frauds are perpetrated through  tried servants of the company and are undetected for years regards to the directors.  Therefore to hold would make the position of an auditor intolerable.....

KAY, LJ.: ".... The words of the section are "any misfeasance or breach of trust in relation to the company.... misfeasance means something other than a breach of trust...... it does not mean mere non-feasance:  RE WEDGWOOD COAL AND IRON CO...... I think the only safe interpretation to adopt is that it includes all cases other than breaches of trust in which an officer of the company has been guilty of a breach of his duty as such officer which has caused pecuniary loss to the company by misapplication of its assets, and for that in a action he might have been made liable......"

Posted Date: 1/15/2013 2:35:38 AM | Location : United States







Related Discussions:- Schemes of fraud, Assignment Help, Ask Question on Schemes of fraud, Get Answer, Expert's Help, Schemes of fraud Discussions

Write discussion on Schemes of fraud
Your posts are moderated
Related Questions
Interpretation of Constitution - High Court After then under Section 67(1) of the Constitution gives that whether any question as to the interpretation of the constitution ari

Acceptance - Element of Contract However this is the external manifestation about assent through the offeree.  Regarding to acceptance an agreement comes with existence between

Good Faith - meetings and resolutions: The directors must act in good faith when calling a meeting,.  Thus, in Cannon v Tasks, the directors called the annual general meeting

Determine about the Opportunistic policy cycle We now turn back once again to study the behaviour of the decision maker who, ultimately wants to return to the office in future.

What is the Stability of the EMU banking sector Low currency risk, external balance and the stability of the EMU banking sector and financial markets are club goods whose benef

QUESTION Gerald is aggrieved of the decision of the Minister of Public Infrastructure to build a high way bypass through his housing estate. Gerald has been advised to apply

Jack has operated a house building business as a sole trader for a number of years. Now, his accountant has recommended that he should consider registering as a company in order to

Service of Notice: Section 134 (a) provides that, unless the articles of the company make other provision in that behalf, notice of the meeting of a company shall be served on

RE LONDON AND GENERAL BANK:           An auditor represented a confidential report to the directors calling their attention to the insufficiency of the securities in which the

As organisations affect many people, they have obligations to their employees, consumers, community and the world. They have a responsibility to conduct business in a way that is n