Auditing & Assurance Services (7th Edition)

Chapter 15

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The responsibility that an auditor owes to the ... more

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Common law liability is imposed by the law based ... more

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Under common law, the client can sue the auditor ... more

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The auditors are required to abide by the ... more

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The third party must prove: Economic loss ... more

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The legal theory derived from the decision stated ... more

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Privity is the contract between the client and the... more

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Defences for suit brought by client under common ... more

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Adding a relevant disclaimer in the report issued ... more

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Two instances in which the liability of an auditor... more

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Transactions related to the initial issuance of ... more

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A complete set of relevant documents needed to be ... more

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It is the auditor’s responsibility to hamper proof... more

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The plaintiff is required to prove the occurrence ... more

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The due diligence defense states the engagement ... more

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Section 17 states the antifraud provisions related... more

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The auditor violates the Generally Accepted ... more

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Form 10-K is a form that contains the audited ... more

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As per the Securities Exchange Act, 1934, the ... more

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In a defence, the auditor can portray that the ... more

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Section 32 of the Securities Exchange Act, 1934, ... more

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Scienter is a legal term used for intentional ... more

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The major differences between the auditors ... more

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The major changes in the auditor's liability as ... more

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Joint and several liabilities benefit the ... more

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The private securities litigation act provides ... more

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As per the new requirement in the Securities ... more

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Constructive fraud is the presence of extreme ... more

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Under joint and several liability, full amount of ... more

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The difference in opinion between the users of the... more

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Breach of contract is the non-performance of ... more

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The auditors are not obligated to pay $5,000,000 ... more

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As the auditor was intentionally involved in the ... more

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Privity relationship exists between the accountant... more

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According to the doctrine of credit alliance, the ... more

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The engagement letter is the best way to describe ... more

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A prospectus is a document that contains the ... more

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The Securities Act 1933 and Securities Exchange ... more

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Foreseeable third parties are those parties who ... more

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The privity between the investor and the auditors ... more

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The securities act of 1933 regulates the ... more

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Form 10-K is related to filing an annual report ... more

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As per Section 11 (b), the individual cannot be ... more

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Common law and section 10(b) clearly states that ... more

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Credit Alliance v. Arthur Andersen establishes the... more

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Under both the acts, the burden to prove the ... more

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Securities and exchange commission (SEC) does not ... more

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The burden to prove the economic loss suffered by ... more

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Regulation D of securities and exchange commission... more

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Ernst & Ernst v. Hochfelder is a case of failure ... more

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Form 10-K pertains to filing an annual report ... more

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Scienter is covered under the securities exchange ... more

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The Sarbanes-Oxley act does not increase the ... more

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A lack of privity does not protect the auditor as ... more

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Company H can file lawsuit against certified ... more

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The investor seeking to sue the auditor need to ... more

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Company D’s best defence in this is that the ... more

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It is not necessary to exhibit that the auditor ... more

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The Securities Exchange Act 1933 does not state ... more

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The auditor is responsible to plan the audit to ... more

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Yes, the auditing firm will be held liable toward ... more

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