As per the common law, the auditor will be liable to cause harm to the third part if found guilty for gross negligence and fraud. The auditor does not intentionally harm as he is unaware of the users of the financial statements. To compare : An auditor’s liability to 3rd party for negligence based on ultra-mares, credit alliance, 1965 Restatement (Second) of Torts, and Rosenblum. Also, suggest the approach, preferred by auditors and what is best for the society.

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Chapter 4, Problem 15RQSC

To determine

Concept Introduction: As per the common law, the auditor will be liable to cause harm to the third part if found guilty for gross negligence and fraud. The auditor does not intentionally harm as he is unaware of the users of the financial statements.

To compare: An auditor’s liability to 3rd party for negligence based on ultra-mares, credit alliance, 1965 Restatement (Second) of Torts, and Rosenblum. Also, suggest the approach, preferred by auditors and what is best for the society.

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Answer 2

Question

Chapter 4, Problem 15RQSC

To determine

Concept Introduction: As per the common law, the auditor will be liable to cause harm to the third part if found guilty for gross negligence and fraud. The auditor does not intentionally harm as he is unaware of the users of the financial statements.

To compare: An auditor’s liability to 3rd party for negligence based on ultra-mares, credit alliance, 1965 Restatement (Second) of Torts, and Rosenblum. Also, suggest the approach, preferred by auditors and what is best for the society.

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Answer 3

Question

Chapter 4, Problem 15RQSC

To determine

Concept Introduction: As per the common law, the auditor will be liable to cause harm to the third part if found guilty for gross negligence and fraud. The auditor does not intentionally harm as he is unaware of the users of the financial statements.

To compare: An auditor’s liability to 3rd party for negligence based on ultra-mares, credit alliance, 1965 Restatement (Second) of Torts, and Rosenblum. Also, suggest the approach, preferred by auditors and what is best for the society.

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Answer 4

Question

Chapter 4, Problem 15RQSC

To determine

Concept Introduction: As per the common law, the auditor will be liable to cause harm to the third part if found guilty for gross negligence and fraud. The auditor does not intentionally harm as he is unaware of the users of the financial statements.

To compare: An auditor’s liability to 3rd party for negligence based on ultra-mares, credit alliance, 1965 Restatement (Second) of Torts, and Rosenblum. Also, suggest the approach, preferred by auditors and what is best for the society.

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Answer 5

Chapter 4, Problem 15RQSC

To determine

Concept Introduction: As per the common law, the auditor will be liable to cause harm to the third part if found guilty for gross negligence and fraud. The auditor does not intentionally harm as he is unaware of the users of the financial statements.

To compare: An auditor’s liability to 3rd party for negligence based on ultra-mares, credit alliance, 1965 Restatement (Second) of Torts, and Rosenblum. Also, suggest the approach, preferred by auditors and what is best for the society.

Answer 6

Chapter 4, Problem 15RQSC

To determine

Concept Introduction: As per the common law, the auditor will be liable to cause harm to the third part if found guilty for gross negligence and fraud. The auditor does not intentionally harm as he is unaware of the users of the financial statements.

To compare: An auditor’s liability to 3rd party for negligence based on ultra-mares, credit alliance, 1965 Restatement (Second) of Torts, and Rosenblum. Also, suggest the approach, preferred by auditors and what is best for the society.

Answer 7

Chapter 4, Problem 15RQSC

To determine

Concept Introduction: As per the common law, the auditor will be liable to cause harm to the third part if found guilty for gross negligence and fraud. The auditor does not intentionally harm as he is unaware of the users of the financial statements.

To compare: An auditor’s liability to 3rd party for negligence based on ultra-mares, credit alliance, 1965 Restatement (Second) of Torts, and Rosenblum. Also, suggest the approach, preferred by auditors and what is best for the society.

Answer 8

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Ch. 4 - Prob. 1CYBK Ch. 4 - Prob. 2CYBK Ch. 4 - Prob. 3CYBK Ch. 4 - Prob. 4CYBK Ch. 4 - Prob. 5CYBK Ch. 4 - Prob. 6CYBK Ch. 4 - Prob. 7CYBK Ch. 4 - Prob. 8CYBK Ch. 4 - Prob. 9CYBK Ch. 4 - Prob. 10CYBK

Solution Summary: The author compares the auditor's liability to 3rd party for negligence based on ultra-mares, credit alliance, and Rosenblum.

Chapter 4 Solutions