negligent misstatement essay

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    Accountant Responsibility

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    Accountant Responsibility Introduction Accountants and auditors help to ensure that firms are run efficiently, public records kept accurately, and taxes paid properly and on time. Accountants analyze and communicate financial information for various entities such as companies, individual clients, and Federal, State, and local governments. The provide accurate information to clients by preparing, analyzing, and verifying financial documents, budget analysis, financial and investment planning,

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    Financial Statement Fraud Financial statement fraud is any intentional or grossly negligent violation of generally accounting principles (GAAP) that is undisclosed and materially effects any financial statement. Fraud can take many forms, including hiding both bad and god news. Research shows that financial statement fraud us relatively more likely to occur in companies with assets of less than $100 million, with earnings problems, and with loose governance structures (Hopwood, Leiner, & Young, 2011)

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    the Sarbanes-Oxley Act and the economic downfall following the financial scandals of Enron, Tyco and WorldCom, there has been a heightened expectation fallen upon auditors. The public relies on the auditing profession to detect fraud and material misstatement and potentially prevent economic disasters, similar to what occurred in the early 2000’s. As auditors are required to provide due diligent care to the users/shareholders it is now being suggested by multiple publications that identifying fraud

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    the definition of such a claim. Pure economic loss can be defined as 'financial damage suffered as a result of the negligent act of another party which is not followed by any physcial damage to a person or property. '1 . An allegation towards a recovery for pure economic loss can originate from an array of different scenarios, most frequent accusations are constituted by negligent mistatements and defective property. Prior to the early 1980 's recovery for pure economic loss was and still is to

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    Lakeside Case 2

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    discussed regarding the possibility of Lakeside Company going public and the ramifications this action would have on their desirability as a client. We have also analyzed Lakeside Company’s financial statements to evaluate the possibility of misstatements. Attached, you will find our report discussing these issues. Please contact us with any further questions. Sincerely, Mariana Welch Cc: Bob Zimmerman Case Two: New Clients, Legal Liability and Materiality Table of Contents

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    Why Fraud Is Fraud

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    Fraud is defined as misinformation by a person of a material fact, known by that person to be improper or made with negligent indifference to whether the fact is true, with the intention of deceiving the other party and with the result that the other party is injured. Constructive fraud differs from fraud as defined above in that constructive fraud does not involve a misrepresentation with intent to deceive, gross negligence on the part of an another injured party. The fraud has two different kinds

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    Contract law enforces the right to contractual freedom. Although, when one party has a stronger position in the commercial market, he may take advantage of his position and contract away from fair legal rules . Incorporation of terms The common law finds that, in the absence of misrepresentation, when parties are signing an agreement it follows that they agree to the terms included . In L’estrange v Graucob (1934), Scrutton LJ stated that the general principle of incorporation of terms is that

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    Tort of Negligence

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    Question 1 What legal issues does this situation raise and what are the possible legal consequences? Issue 1--duty of care The tort of negligence to be constituted depend on whether the defendant violate the principle of ‘Duty 0f Care’. Because of the case of Donoghue v Stevenson [1], ‘Duty 0f Care’ has been established in common law: 1. Defendant whether or not fulfill the duty of care. 2. That defendant whether or not breached that duty. 3. whether Breach the duty of care is the main

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    |AUDITING THEORY | | | |Comprehensive Reviewer | |Preliminary Grading Period

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    dependent upon the jurisdiction 's attitude about privity of contract. In this case there is unlikely to be a claim of extreme negligence. Therefore it would be required for the court to both ignore the privity of contract precedence and find Yost negligent for the suit to be successful. d. The issues and outcomes should be essentially the same under the suit brought under the Securities Exchange Act of 1934. If the suit were brought under Rule 10b-5, it is certainly unlikely that the plaintiff

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