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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
Create your own design audit model that you may use to determine the extent to which your organization participates in design-principled practices. Write a analysis based on your audit findings, which include recommendations for improvement.
What kind of audit report (unqualified opinion, adverse opinion, qualified opinion, disclaimer of opinion) should the auditors usually issue in each of the situations.
Presented below is information related to Kienholz Company for its first month of operations. Identify the balances that appear in the accounts receivable subsidiary ledger and the accounts receivable balance that appears in the general ledger at ..
Explain the importance and demand for audit and other assurance services. Explain the auditor's role in providing assurance.
Briefly explain what you would consider to be the top five vulnerabilities of Vista/Windows 7 and describe what are three similarities and three differences between the Trust Services Principles and COBIT 4.1?
Different partners and teams with separate reporting lines for the provision of non-assurance services to an assurance client and professional standards and pronouncements
What potential risks may be present in this engagement? What specific auditing and accounting problems appear to exist? What additional information do you feel you need to know about the company? Do you believe the engagement should be accepted or re..
questiongeorge buckner sells an apartment building on october 10th of the current year for 1.75 million. the building
Identify the security requirements which need to be in place to ensure the integrity of information systems in the organization and What measures will help to ensure that internal audit retains its independence
Which one of the following is the service in which the CPA firm issues a written communication that expresses a conclusion about the reliability of a written assertion that is the responsibility of another party?
Identify the accounts affected and whether this will be an overstatement or understatement and creating fictitious inventory by adding false count sheets to the inventory count.
describe and evaluate this type of internal audit. what types of organisation would it be most useful for?required1
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