In your opinion, should PWI be subject to civil litigation?

Q: What are the threats to independence?

A: Given below are the seven threats to auditor’s independence:   Self-review threat: It occurs when…

Q: Do you believe that the Supreme Court’s opinion overturning the lower court’s decision was…

A: We have to determine that whether the Supreme Court’s opinion overturning the lower court’s decision…

Q: Differentiate the common misconceptions and controversies on the prohibition of Riba.

A: Riba means excess, addition, growth or augmentation. It is divided in to two categories…

Q: What are the two cases where Garner VS Murray rule is not applicable?

A: Generally, as per the Garner vs Murray rule, any capital loss incurred due to bankruptcy of the…

Q: The Sarbanes-Oxley Act requires the following?

A: Sarbanes-Oxley Act is formulated during 2002 under US federal law. The prime purpose of the act is…

Q: Which of the following is NOT an antitrust law? the FTC Act the Smoot-Hawley Act the Robinson-Patman…

A: Antitrust law: It is a collection of federal and state government laws that regulate the conduct and…

Q: Discuss on the right to recognition, and ‘intellectual property rig

A: Intellectual Property Rights (IPRs) are legal rights that protect works and/or inventions made as a…

Q: Why is a preemptive right important?

A: Preemptive rights means the rights to  be offered to purchase a property before it is offered to…

Q: Explain restricted voting rights

A: There are certain rights given to shareholders of common stock in the company where voting right is…

Q: What are threats and safeguards to independence?

A: American Institute of Certified Public Accountants (AICPA):   It is an association of certified…

Q: What are the general jurisdictional rules? Discuss some of the exceptions to these rules.

A: Jurisdiction Rules Jurisdiction in the law which implies that the right of the court to hear the…

Q: How are IFRS and the codification related? Do you feel that IFRS adoption could happen without…

A: The question is related to International Financial Reporting Standards (IFRS) and Codification. The…

Q: What are the Safeguards to independence?

A:

Q: Positive laws are passed and promulgated by competent and legitimate

A: Comment- Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…

Q: Explain the difference between liquidated damages and penalities

A: Damage refers to the loss that results from some injury to a person, company, property, or…

Q: Discuss the rules for related party loss limitations.

A: The IRS has define rule regarding the transactions with the related parties and the treatment of…

Q: Doctrine of Precedent?

A: Judicial precedent refers to the way in which the law is made and amended through the decisions of…

Q: What is the Rights Issue?

A: The Rights issue is the issue of a definite proportion of Shares to the existing shareholders of the…

Q: What are the two primary reasons for using preemptive rights?

A: The right of the shareholders of a company to buy additional shares in any future issue of the…

Q: Explain Charges and Liens?

A: The question is based on the concept of legal terms used to grant security against loan or debt.

Q: If this scenario were brought to a NAFTA tribunal, Decom Mat would most likely win. Explain why.

A: NAFTA -North American Free Trade Agreement provides a framework for rule based dispute resolution…

Q: Which are the Limitations on Property Rights?

A: Property rights are the rights given to the owner as per law to hold or own a property. A property…

Q: Is the threshold for recognizing a provision under IFRS different than it is under U.S.GAAP?…

A:

Q: What is USALI? Is it required under GAAP? Why would you use it?

A: USALI is Uniform System of Accounts for the lodging industry. The USALI states that all financial…

Q: Explain how does a liability’s fair value change?

A: Fair value is the value of liability which has to be reported in the books of the company’s…

Q: Why does the Section 404 is perhaps the most controversial provision of SOX?

A: Sarbanes-Oxley Act 2002:   Sarbanes-Oxley Act was passed to protect the shareholders and the general…

Q: How does a class action change the stakes for the parties?

A: The class action is among the most impressive legitimate devices accessible in the U.S. It empowers…

Q: What is law of Indemnity? Explain the rights and duties of indemnifier and indemnity holder with…

A: The law of indemnity specifies that a person takes the guarantee of any act of the party that causes…

Q: Explain the Nonrecourse clause?

A: A sum of money that an individual or company owes is called liability. It is an obligation between…

Q: which of the following trial courts to hear his case?

A: Opt c is correct

Q: Why does the exclusion of the preemptive right ordinarily inconsequential?

A: Preemptive Rights: It is a contractual clause that gives the shareholders right or allows them to…

Q: Distinguish between common law liability and statutory law liability?

A: Auditor:  The person who is considered responsible for assessing the credibility of the financial…

Q: n in t

A: An action that is a civil action for injury damages death damages or property damages or damaging of…

Q: Has Sarbones Oxley been an effective piece of legislation?

A: Answer Public Company Accounting Reform and Investor Protection Act, 2002 is formally known as…

Q: How might exclusion clauses be found to be unenforceable?

A: Exclusion clause is defined as the term of contract that looks for restricting or excluding the…

Q: What is a restrictive endorsement? Explain with examples?

A: Restrictive endorsements:Restrictive endorsement restricts the use of a financial instrument. The…

Q: How might a license for symbolic intellectual property be treated differently under IFRS as compared…

A: International Financial Reporting Standards: They are commonly known as IFRS. These are set of…

Q: What is conflict of interest?

A: Conflict of interest: Conflict of interest occurs when a person derives personal benefits by…

Q: What do you think is the appropriate penalty?

A: Given: The appropriate penalty is explained as below,

Q: What are some exceptions to UBIT provided by legislation?

A: The question is related to some exceptions to Unrelated Business Income tax .Unrelated business…

Q: What is the definition of fair value?

A: Investments: