A professional accountant may be sued under the tort of negligence for giving negligent advice to a client. By using case law, explain the tort of negligence and the elements a claimant must satisfy for a successful claim.
Q: If you receive a subpoena from a court for your client’s private information, what should you do?…
A: Subpoena is an order made by a court at the request of a party to a court case that requires the…
Q: 4) Explain if, and why an accountant will be held liable to: its client, to 3rd party intended…
A: An accountant owes it to their clients to use sound professional judgement. According to the Revised…
Q: What is the knowing misrepresentation of the truth in order to trick someone into entering into a…
A: Option a is correct.
Q: Explain the job description of a “forensic accountant”
A: Forensic Accounting: To perform an investigation into the finances of a person or firm, forensic…
Q: Select the best answer for the following: "One against whom a lawsuit is brought; the accused in a…
A: Legal Party Identification refers to the categorization of individuals or entities involved in a…
Q: Management can estimate the amount of loss that will occur due to litigation against the company. If…
A: Given, Management can estimate the amount of loss that will occur due to litigation against the…
Q: Clearly marking all workpapers “Privileged and Confidential – Attorney Work Product” will prevent…
A: Attorney work product is a fundamental concept in the legal profession, ensuring that attorneys can…
Q: Which of the following is a valid defense in a strict products liability case? Group of answer…
A: Strict liability is a theory which describes the consequence and legal responsibility of any damage…
Q: For what type of actions can clients bring suit against auditors under common law? What must…
A: Given: The clients can bring suit against auditors for breach of contract under common liability…
Q: countant encounter when trying to decide on “full disclo
A: Accountant role is quite complicated and he has to honest and committed to principal of accounting.
Q: Auditors may be held liable to both their clients and third parties under common law. a. What must…
A: An auditor has an obligation to their clients and third part to exercise due professional care.…
Q: Under what circumstances is a CPA required to notify a client that a CPA is licensed by the…
A: In California, a CPA is required to notify their clients of their licensing status by the California…
Q: True or False. The tort of defamation occurs when a person makes any statement that injures…
A: Given: The tort of deformation takes place when the reputation of one is injured by the other.
Q: Describe one professional experience in which you used evidence as the basis for decision making and…
A: The objective of the question is to understand the importance of evidence-based decision making in…
Q: Under the AICPA Code of Professional Conduct, which of the following rules is not applicable to CPAs…
A: AICPA (American Institute of Certified Public Accountants) code of professional conduct sets rules,…
Q: Which of the following elements is not a requirement for a plaintiff to recover damages under the…
A: A tort is an act or omission that causes hurt or harm to another person and is treated as a civil…
Q: Which of the following is NOT an element required to recover to establish liability for negligent…
A: Introduction:- A liability is classified as financial assets that an entity has given up to other…
Q: What does a third-party user of financial statements have to prove under common law in a suit…
A: The objective of this question is to understand what a third-party user of financial statements…
Q: When a client’s financial statements contain a material departure from an FASB Statementon…
A: Financial statements: Financial statements are condensed summary of transactions communicated in the…
Q: Under the Ultramares rule, to which of the following parties will an accountant be liable for…
A: The ultramares doctrine represents the ordinary negligence for liability to third party. It is…
Q: Which of the following is not an element necessary to prove professional negligence? a. There must…
A: Professional negligence is defined as the result of breach of duty of diligence occurred between a…
Q: Which common law approach leads to increased CPA liability to "foreseeable" third parties for…
A: CPA is liable to conduct the professional accounting work. He would be responsible for any…
Q: Some criticize the accounting profession for using expressions in the audit report that seem to be…
A:
Q: The AICPA Code of Professional Conduct would be violated if a CPA accepted a fee for services and…
A: The AICPA Code of Professional Conduct would not necessarily be violated if a CPA accepted a fee for…
Q: Having inaccurate financial statements that can harm society would correspond with the ethical…
A: Financial statement: The income statement, cash flow statement, and balance sheet. Footnotes on…
Q: A misstatement in the financial statements can be considered material if knowledge of…
A: We have the following question: A misstatement in the financial statements can be considered…
Q: must prove against the defendant under the negligence doctrine of product liability. Is everyone in…
A: PRODUCT LIABILITY: NEGLIGENCE…
Q: The AICPA Code of Professional Conduct will ordinarily be considered to have been violated when the…
A: AICPA Code of professional conduct is issued by American Institute of Certificated Public…
Q: Which of the following in NOT a legal element of proof required to recover for defamation? A. The…
A: Defamation is a statement that injures a third party's reputation. It is a false and unprivileged…
Q: What elements does a plaintiff have to prove to be successful in a case against a negligent…
A: In the case of negligence if the plaintiff wants to sue the defendant for damages incurred…
Q: 3.An important development in the area of breach of contract by an auditor is contributory…
A: Contributory Negligence In simple contributory Negligence which describes as negligence in the part…
Q: An attorney may impeach an opposing party’s witness by showing/proving that the witness: A. Has been…
A: An attorney may impeach an opposing party’s witness by 5 ways: 1. witness has made prior…
Q: The ethical standards for certified public accountants only require that such accountants comply…
A: The ethical standards for certified public accountants (CPAs) are designed to guide their…
Q: General Ethics. Is there any moral difference between a disapproved action in which youare caught…
A: Morality is indispensable for any and everything throughout everyday life. Be it the relationship…
A professional accountant may be sued under the tort of negligence for giving negligent advice to a client. By using case law, explain the tort of negligence and the elements a claimant must satisfy for a successful claim.
Step by step
Solved in 2 steps
