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Auditor Liability Essays and Term Papers

  • Auditor Liability

    Auditor Liability Recently, the question of liability has become more prevalent in the practice of public accounting. The AICPA has been lobbying for liability reform in cases involving negligence or malpractice by public accountants. Opposition to this lobbying has come from consumer advocacy organizations, trial lawyers' associations, and state public interest groups to name a few. (Bolinger p. 53) The key to success for the AICPA, according to Gary M. Bolinger is creating an image

    Essay Length: 2,069 Words / 9 Pages
    Submitted: May 7, 2010 By: Tommy
  • Pricewaterhousecoopers Llp Auditors' Independence Issues & Violations

    SEC Concerned with Changes in the Public Accounting Profession The SEC and the former Chairman Arthur Levitt Jr. were extremely concerned that the public accounting firms were violating the auditors independence rules addressed through the Securities Exchange Acts. Auditing firms now had dual citizenship in public companies: (1) they issued opinions on audited financial statements and (2) they participated in various consulting engagements for those same companies. Levitt's solution was to split auditing and consulting.

    Essay Length: 1,476 Words / 6 Pages
    Submitted: November 16, 2009 By: David
  • Legal Liability Of Parents

    Legal Liability 0f Parents Parents should and should not be held legally responsible for their children’s actions. Parents who are incompetent and parents who are in the system themselves should be held responsible for their children’s actions. Parents who are handicapped and parents who are competent should not be held responsible for their children’s actions. Parents that do not rear their children should be held responsible. There are parents who do not care what the

    Essay Length: 744 Words / 3 Pages
    Submitted: November 17, 2009 By: Venidikt
  • Product Safety And Liability

    Product Safety and Litigation In a world that is full of eager consumers ready and willing to find some new way to make the easy buck, litigations involving product safety issues are no stranger to this model. Although it may seem in some instances that consumers are merely ‘playing a dramatic role’ in order to bring in some extra money, some cases can be clearly traced to management and the poor decisions made in the

    Essay Length: 990 Words / 4 Pages
    Submitted: November 18, 2009 By: Vika
  • Liability

    Strict liability is a legal doctrine in tort law that makes a person responsible for the damages caused by their actions regardless of culpability (fault) or mens rea. Strict liability often applies to those engaged in hazardous or inherently dangerous ventures. A classic example of strict liability is the owner of a tiger rehabilitation center; no matter how strong the tiger cages are, if an animal escapes and causes damage and injury, the owner is

    Essay Length: 354 Words / 2 Pages
    Submitted: November 22, 2009 By: Janna
  • Liability In Homebuilt Aircraft

    Homebuilt aircraft are considered to be the fastest growing segment of aviation during the last two decades. Naturally with the increase in these aircraft will also come an increase in accidents. Accidents like the 1997 Long E-Z crash that killed John Denver have raised questions about who is legally liable: the kit manufacturer, amateur builder, or pilot? (Kolczynski, 1) Homebuilt aircraft liability litigation is expected to develop into a booming new industry in the coming

    Essay Length: 1,321 Words / 6 Pages
    Submitted: January 9, 2010 By: Victor
  • Dram Shop Liability Law

    Go out to your local bar and drink as much as you want, when you are finished get in your car and head home. If you happen to wreck your car and harm yourself or someone else do not worry it is not your fault; it is actually the fault of the bar since they served you the drinks you ordered. Therefore you are not to blame because the bar did not baby-sit you like

    Essay Length: 802 Words / 4 Pages
    Submitted: January 14, 2010 By: Jessica
  • Mandatory Rotation Of Auditors

    Abstract In light of a number of high-profile corporate failures during the first half of 2001, a number of studies have been performed to address the impact of mandatory rotation of audit firms to ensure the appropriate level of ‘independence’ of auditors. Majority of studies conclude that the detrimental effects of firm rotation on the quality of the audit work by far outweigh its positive effects as a safeguard against various independence and quality threats.

    Essay Length: 2,036 Words / 9 Pages
    Submitted: February 6, 2010 By: regina
  • Mp3’s, Liability & the Future of File Sharing

    MP3s, Liability and the Future of File-Sharing: The Grokster Case and its Impact TABLE OF AUTHORITIES Metro-Goldwyn-Mayer Studios, Inc. v. Grokster, Ltd., 259 F.Supp. 2d 1029 (2001) Sony Corporation of America v. Universal City Studios, Inc., 464 US 417 (1984) A&M Records, Inc. v. Napster, Inc., 239 F.3d 1004 (9th Cir. 2001) So. Mississippi Planning & Development District, Inc. v. Robertson, 660 F.Supp. 1057 (S.D.Miss. 1986) Shapiro, Bernstein & Co. v. H.L. Green Co., 316

    Essay Length: 1,196 Words / 5 Pages
    Submitted: March 19, 2010 By: Steve
  • Liability Of Certified Public Accounts

    Liability of Certified Public Accounts An accountant is someone who prepares and analyzes financial records for a company, a government, or an individual. Decision makers to interpret financial information to plan then use these financial records. A certified public account (C.P.A.) is an accountant who takes and passes a uniform state test and then obtains a special license to practice. Accountants are professionals whose expertise and knowledge the clients that hire them count on.

    Essay Length: 1,317 Words / 6 Pages
    Submitted: March 29, 2010 By: Andrew
  • Lender Liability And The Duty Of Good Faith

    Lender Liability and the Duty of Good Faith I. Introduction From time to time, lenders and their attorneys announce that lender liability is no longer an issue with which the lending community needs to be concerned. What usually prompts this proclamation of the death of lender liability is a recent case in which a court has summarily rejected a borrower’s claim that the lender violated the duty of good faith and fair dealing. Many courts

    Essay Length: 7,351 Words / 30 Pages
    Submitted: April 19, 2010 By: Steve
  • Product Liability

    Product Liability Every day American consumers purchase products that they feel are beneficial to there development. Where that lies depends on the consumer. However, One underling variable is a constant when it comes to purchasing the product. That variable is whether or not the product is right for them. When the consumer purchases a product, they are liable for whatever mishaps may occur and accidents that may happen. But producers are not completely free from

    Essay Length: 2,343 Words / 10 Pages
    Submitted: April 23, 2010 By: Edward
  • Role Of The External Auditor In Corporate Governance

    The Role of the External Auditor in Corporate Governance The external auditor has long played an important role in the corporate governance function. However, before we begin our analysis on how the external auditor plays this role and its importance, we must first examine the responsibilities and duties of such an auditor. Similarly, we need to clearly define what corporate governance is before we discuss in detail the role that auditors play in it. 1.

    Essay Length: 1,364 Words / 6 Pages
    Submitted: April 26, 2010 By: Top
  • Liability For Land And Premises Legislation

    LIABILITY FOR LAND AND PREMISES LEGISLATION OCCUPIERS' LIABILITY ACT 1957 1. Preliminary (1) The rules enacted by the two next following sections shall have effect, in place of the rules of the common law, to regulate the duty which an occupier of premises owes to his visitors in respect of dangers due to the state of the premises or to things done or omitted to be done on them. (2) The rules so enacted shall

    Essay Length: 3,687 Words / 15 Pages
    Submitted: May 7, 2010 By: Monika
  • Product liability

    Product liability is very important for manufacturing companies. Riordian takes proper precautions to reduce any legal expenses regarding their products. Daily inspections will be performed on the products. These inspections will be performed by trained professionals. Trained professionals will document the status of each product after it is inspected. Any defective products will be identified and recalled. The company will notify the public of the defect. Consumers with defective products will be granted a refund

    Essay Length: 262 Words / 2 Pages
    Submitted: May 29, 2010 By: wiltia
  • Chapter 4 : Managing and pricing non-deposit liabilities

    Questions & Problems 1. Compare and contrast Fed funds transactions with RPs? Repurchase agreements (RPs) are less popular than Fed funds and more complex. Both fed funds and Rps are instruments available for short term borrowing. However, RP agreements are collateralized loans and thus, the lender is not exposed to credit risk as they are with Federal funds transactions. Most RPs are transacted across the Fed Wire system, just as are Fed funds transactions. RPs

    Essay Length: 516 Words / 3 Pages
    Submitted: April 26, 2011 By: giang_coi
  • Auditor Independence

    INTRODUCTION The auditing process is carried on in every business to check the performance and the result based on that performance. To this reason the audit report is issued. The auditor's duty is to check, are the accounts of the company has been genuinely made or not. To check this activity external auditors are hired by the company. The auditors should be honest and straightforward regarding his professional. He must be fair to his work

    Essay Length: 2,700 Words / 11 Pages
    Submitted: April 28, 2011 By: evisu0418
  • Why Toyota are now reported to have become their liability.

    In recent decades, Toyota Industries Corporation (TICO) was the number one of car companies in Japan and became 4th in North American car market. In 2007, Toyota over took General Motors to became the world's largest car company with Toyota reported a nine per cent increase in the first quarter of the year to recorded sales of 2.35m compared to General Motors 2.26m which mean that Toyota sales at least 9.4m cars while General Motors

    Essay Length: 1,922 Words / 8 Pages
    Submitted: April 28, 2011 By: natjapak
  • Jawaban soal latihan intermediate accounting contingent liability 2011

    "An existing condition, situation, or set of circumstances involving uncertainty as to possible gain (gain contingency) or loss (loss contingency) to an enterprise that will ultimately be resolved when one or more future events occur or fail to occur." ("Accounting for Contingencies," Statement of Financial Accounting Standards No. 5 (Stamford, Conn.: FASB, 19), par. 1). Typical Gain Contingencies are: Possible receipts of monies from gifts, donations, and bonuses. Possible refunds from the government in tax

    Essay Length: 308 Words / 2 Pages
    Submitted: May 1, 2011 By: yusepfriya
  • Auditors Scandals

    What Happened to Enron? The collapse of Enron caught almost everyone by surprise, from employees and investors to analysts and creditors. But how did the seventh largest company in the Fortune 500 plummet into bankruptcy and implode so quickly? The Enron story comes in three stages. Stage 1: The Company leveraged itself through debt, which it used to grow its non-core wholesale energy operations and service business. Some of this debt was reportable on the

    Essay Length: 4,608 Words / 19 Pages
    Submitted: May 5, 2011 By: hamupk