GEN COMBO LL PRINCIPLES OF AUDITING & OTHER ASSURANCE SERVICES; CONNECT AC
GEN COMBO LL PRINCIPLES OF AUDITING & OTHER ASSURANCE SERVICES; CONNECT AC
21st Edition
ISBN: 9781260427202
Author: Ray Whittington, Kurt Pany
Publisher: McGraw-Hill Education
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Chapter 4, Problem 30OQ

a.

To determine

Whether the accountants were liable or not under various theories discussed.

b.

To determine

Whether the accountants were liable or not under various theories discussed.

c.

To determine

Whether the accountants were liable or not under various theories discussed.

d.

To determine

Whether the accountants were liable or not under various theories discussed.

e.

To determine

Whether the accountants were liable or not under various theories discussed.

f.

To determine

Whether the accountants were liable or not under various theories discussed.

g.

To determine

Whether the accountants were liable or not under various theories discussed.

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Generally, the auditor could be legally liable under?   Select one: a. contract law but not under the tort of negligence to third parties b. the tort of negligence to the client and contract law c. the tort of negligence but not contract law to the client d. contract law to third parties and to the client
Auditors may be held liable to both their clients and third parties under common law. a. What must a client prove to recover its losses from the auditors under common law? b. In a court that adheres to the precedent set by the Ultramares v. Touche case, what must an ordinary third party prove to recover losses from the auditors under common law
A number of cases have considered the auditor’s liability in relation to persons other than the immediate client. Even so, the AWA case established that:    Select one: a. Duty of care and skill means following the accounting standards b.auditors have a contractual duty to oversee and review the work of inexperienced audit staff c.Auditors are only liable for the proportion of damages attributable to their actions d.Auditors have a duty of care only to the shareholders.
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