Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
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
It is critical for the investigator to understand the possible security risks that computer and network users face before conducting computer forensic investigations.
Listed below are 12 internal control procedures or requirements for the expenditure cycle (purchasing, payroll, accounts payable, and cash disbursements) of a manufacturing enterprise. For each of the following, identify the error or misstatement tha..
Course: AP/ADMS 4551 Auditing: and Other Assurance Services, What is the auditor's responsibility for discovering this type of embezzlement.
Write down a report in 700 words, justifying the need for the system when controls are in place with insurance and portfolio approaches.
Prepare journal entries for Pure Company for 2013 and 2014 assuming Pure uses the cost method to record its investment
What type of concessions might a creditor grant the debtor in a troubled debt situation? What is meant by "impairment" of a loan? Under what circumstances should a creditor or debtor recognize an impaired loan?
Western Bank & Trust purchased land and a building for the lump sum of $3 million dollars. To get the maximum tax deduction, Western allocated 90% of the purchase price to the building and only 10% to the land.
Assignment: Read the following case and explain one internal control procedure that would be helpful in this scenario.
Indicate the specific detailed test or tests that might address the error, fraud, or circumstance and the financial statement assertion addressed by each test.
Pyramid Products Company has a revolving credit agreement with its bank. The company can borrow up to $1 million under the agreement at an annual interest rate of 9 percent.
Prepare a memo to the audit partner on the ‘state of the company's industry' and associated risk factors.
To identify principal audit risk and corresponding audit procedures
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd