The class-action lawsuit against Andersen also named the Canadian Imperial Bank of Commerce, JPMorgan Chase, Citigroup, Merrill Lynch, and Credit Suisse Group as codefendants with Andersen. Why would the plaintiffs name so many entities in their lawsuit? Merrill Lynch and Credit Suisse asked a U.S. appeals court to rule that the complaint should not have been certified as a class action suit. Why would these entities make such a claim?

Q: What unfortunate lesson did the auditors learn from the situation in the Unregistered Sale of…

A: Audit Procedure:   A specific procedure undertaken by an auditor to procure evidence in a…

Q: Under what circumstances can a CPA be paid on a commission basis? Why do you think the regulation…

A: CPA stands for Certified Public Accountant. A CPA is a licensed accounting professional who has met…

Q: n this context they seek your advice as to the meaning of corporate veil and when the promoters can…

A: When a firm is created under corporation, the firm/company is treated as a separate entity than its…

Q: In the 1982 AT&T antitrust case, the resolution was an out-of-court settlement involving a Multiple…

A: AT&T is the groundbreaking antitrust case that happened USA which led to 1982 Bell System…

Q: Meador v Apple - Give the facts of the case. What was the legal fight about? Who won? Explain why…

A: Meador-includes  Kim Meador and her son Sammy Lane  Meador. They are parties to a July 2015 lawsuit…

Q: he Securities and Exchange Commission denied the amendment of the Articles of Incorporation of…

A: The Securities and Exchange Commission(SEC) has a right to deny amendments to the Articles of…

Q: Research the case against Bernie Madoff who was convicted in 2009 for running the largest Ponzi…

A: Bernie Madoff, a former stockbroker and investment adviser, was convicted in 2009 for running a…

Q: Indeed, there is the view that market abuse and insider dealing are not immoral and are victimless…

A: The securities market is that part of the financial markets which deals in the trade of financial…

Q: When it is appropriate to bring a statutory derivative action (s236)? Draw a flowchart for the steps…

A: Introduction:   Statutory derivative action (s 236) is an action taken against the company or its…

Q: IF A CORPORATION COMMITS A CRIMINAL OFFENSE, HOW CAN IT BE PUNISHED?

A: Corporation: A corporation is a form of business entity that is incorporated through the state…

Q: A shareholder will succeed on a derivative suit if a director does not violate the business judgment…

A: A business judgment rule is that the decisions made by directors are taken after considering the…

Q: erious ethical violations by corporations such as Enron led to the passage o

A: The Enron scandal shook corporate America and regulators as well. The scandal involved making use of…

Q: Hakot Corporation invested its funds in a foreign corporation with the approval of its board of…

A: Answer: Whenever any investment decision is to be made by company, there is certain limit that has…

Q: In comparison to the burden of proof required of plaintiffs in civil lawsuits against independent…

A: In comparison to the burden of proof required of plaintiffs in civil lawsuits against independent…

Q: What happens if the term was shortened in bad faith or if the the shortening or corporate term…

A:

Q: Pacific cruise lines is a defendant

A: Ultimately, the outcome of the lawsuit against Pacific Cruise Lines will have far-reaching…

Q: Many countries have eliminated the Statute of Frauds except for sales of real estate. What is it and…

A: The Statute of Frauds is a legal doctrine that requires certain types of contracts to be in writing…

Q: What is the tax advantages and tax disadvantages of Sarbanes-Oxley in relations to the extent to…

A: Auditing is a process of inspecting the financial accounts of a company in order to determine the…

Q: eans by which a dismissal can be determined to be fair or unfair. In the event of a claim that an…

A: Section 188 of Labour Relations Act No 66 of 1995 specifies that the employer pf a company has the…

Q: Is Emily's report in accordance with professional standards? If not, what should she have done under…

A: Unaudited financial statements are those statements which has not been audited by the auditor and…

Q: Which of the following is an example of a self-interest threat to the fundamental principles? The…

A: Self interest threat is the threat of auditor that holds a direct or indirect financial interest in…

Q: What did Dennis Kozlowski of Tyco do that was so unethical or illegal in the world of business and…

A: The answer for the question on unethical or illegal doings of Dennis Kozlowski of Tyco is discussed…

Q: Give one example each of moral hazard and adverse selection in private insurance arrangements. O A.…

A: Insurance is a financial arrangement in which an individual or entity (the policyholder) pays…

Q: The Sarbanes-Oxley (SOX) Act of 2002 is federal legislation designed to protect publicly held…

A: The Sarbanes-Oxley Act (SOX) of 2002 is a federal law enacted in response to corporate accounting…

Q: Why was the Foreign Corrupt Practices Act created? Please explain.

A: The Foreign Corrupt Practices Act (FCPA) was created to address the growing concern about corruption…

Q: MF Global filed a complaint charging PwC with professional malpractice, breach of contract, and…

A: An auditor is an authorized person that reviews and verifies financial records and statements using…

Q: he communications between CPAs and their clients are privileged under federal law. True or False

A: Auditing means the inspection of financial accounts of the company to determine if the records are…

Q: What are the defenses that someone can take to charges of violations under the 1933 securities act?

A: Defenses are explained below

Q: Pretzel acts as a sponsor in creating a special purpose entity (SPE) that will purchase Accounts…

A: Variable interest entity is a term used when an investor has controlling interest in the entity…

Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.