negligent misstatement essay

discussed in class that the auditing standards state the overall objectives of the auditor, in conducting an audit of financial statements, are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement and report on the financial statements in accordance with the auditor’s findings. According to the textbook, management is responsible

The Sarbanes-Oxley (SOX) Act was passed by Congress in 2002 to address issues in auditing, corporate governance and capital markets that Congress believed existed. These deficiencies let to several cases of accounting irregularities and securities fraud. According to the Student Guide to the Sarbanes-Oxley Act many changes were made to securities law. A new federal agency was created, the entire accounting industry was restructured, Wall Street practices were reformed, corporate governance procedures

Intention: Non-commercial agreements:1.Where the agreement between the parties is of a non-commercial nature, it is presumed that the parties do not intend to create legal relations (Balfour v Balfour). Where the agreement between the parties is of a commercial nature, it is presumed that the parties do intend to create legal relations(Balfour v Balfour). The presumption in social arrangements is that there is no intention to create legal relations(Edwards v Skyways Ltd)..(Social agreements in friends/acquaintances

Abstract This paper will be taking a shallow dive into the specific case of fraud and wrongdoings by the auditors of Live Entertainment Corporation of Canada, Inc., also known as Livent. I use the word shallow because an in-depth study encompasses horizons beyond what can be written in this paper. Fraud is a very broad topic generally, and this paper seeks to touch on a few regions of this topic and the role auditors’ play. I will be taking a look into Livent Inc. and the fraudulent scandals that

Table of Contents Introduction Accountants' Liability to the Client and Third-Party A) Breach of Contract B) Ordinary Negligence (Accountant Malpractice) C) Fraud a. Constructive Fraud (Gross Negligence) b. Actual Fraud Accountants' Liability under Common Law for Third-Party A) The Near-Privity Doctrine B) The Restatement Doctrine C) The Foreseeability Doctrine D) The Balancing-Factors Doctrine Accountants' Liability under Statutory Law – Third-Party A) Securities Act of 1933 B) Securities

Fraud is intentionally or deliberately deceives others, which led others lose their benefits or person who made fraud obtain benefits. There are three elements of fraud occurrence, which is called the fraud triangle (exhibit 1): incentives or pressure, opportunity, and rationalization; also people will rationalize their fraud. (exhibit 11, from book “Ethical Obligations and Decision Making in Accounting” page 253 by Steven M. Mintz and Roselyn E. Morris) The fraud incentives or pressure. The

[pic] | Our firm - Chiu & Weisserman LLP has been appointed as the new auditor of the public company Dollarama Inc. for the current fiscal year-end as at January 29, 2012. Please find in the following pages a report on the audit plan that was used to conduct our audit for the year ended January 29, 2012. Even though the audit of 2012 was performed by PWC, the assumption used for this project was that our firm was the new auditor for 2012. Please do not hesitate to contact us if you have any

When considering this question there is a broad spectrum of what could be discussed in this essay, however I have chosen to concentrate on this aspect….. The employer 's agent under the JCT 2011 Design and Build is used to describe someone acting on behalf of the client as the contract administrator. This can be closely likened to the Project Manager under the NEC3 Engineering and Construction Contract. However there are subtle differences in the way that they construe and operate their responsibilities

OBJECTIVES AND METHODOLOGY OBJECTIVES: TO STUDY AND CRITICALLY ANALISE THE CASE IN THE CONTEXT OF THE PRINCIPLES INVOLVED. TO DRAW UP THE COMMON INFERENCE WHILE STUDYING THE USE OF THE PRINCIPLE IN OTHER CASES. METHODOLOGY THE BASIC METHODOLOGY ADOPTED TO PREPARE THIS RESEARCH IS DEDUCTIVE THAT IS TO STUDY VARIOUS CASES, TO ANALYSE THE LAWS IN THE SAME TOPIC AND UNDERSTAND THE GENERAL PRINCIPLE TO DRAW A GENERAL CONCLUSION. TABLE OF CONTENTS 1:..........................

Breach of Contract Jane has decided to buy a dinner service. A neighbour tells her that a sister-in-law, Carolyn, is planning to sell her valuable Coalport service. Jane telephones Carolyn who tells her that the Coalport is a full service, in immaculate condition and completely original. Jane inquires whether the Coalport is in 'athlone blue', knowing that this is particularly valuable. Carolyn replies, "It must be, it's the proper Coalport blue colour". Jane further