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Author: Kelly Adam Publisher: GRIN Verlag ISBN: 3656591679 Category : Business & Economics Languages : en Pages : 13
Book Description
Document from the year 2013 in the subject Business economics - Revision, Auditing, , language: English, abstract: Auditors accumulate and evaluate information to be able to determine whether the financial reports of a given company complied with legislative requirements and established criteria. An auditor therefore determines the credibility of financial information so that the correct use of it in business and investment decisions can be made. Auditors have legal duties attached to their activities which they are expected to uphold. A breach of the legal duty which is imposed and fixed by law due to careless acts constitutes what is termed as negligence. This makes it to be based on conduct rather than any form of agreement. A tort of negligence therefore is only committed when actionable damage is sustained, and this is not only by carelessness but by inflicting damage carelessly in situations where the law recognizes a duty to be careful. Negligence is hence established if the conduct was careless and there existed a causal relationship between the damage and that conduct. A close look at it is a situation where the conduct was foreseeable to inflict the damage on person harmed. Negligence statements provided by company auditors can result to pure economic loss. Internal auditors check the accuracy of the financial information and provide an opinion whether the information is true and fair according to the accounting standards and common law. They are liable to external users of financial information since external users rely on audited statements to make investment decisions hence the need of the opinions to be unbiased and remain independent. Therefore, it is their legal duty to provide an assurance to all audited statements users that the material is not of fraud, its reliable and lacks irregularities. Conclusion by the auditor that the information is fairly stated as per the accounting standards makes them liable if they are found to have been materially misstated.
Author: Kelly Adam Publisher: GRIN Verlag ISBN: 3656591679 Category : Business & Economics Languages : en Pages : 13
Book Description
Document from the year 2013 in the subject Business economics - Revision, Auditing, , language: English, abstract: Auditors accumulate and evaluate information to be able to determine whether the financial reports of a given company complied with legislative requirements and established criteria. An auditor therefore determines the credibility of financial information so that the correct use of it in business and investment decisions can be made. Auditors have legal duties attached to their activities which they are expected to uphold. A breach of the legal duty which is imposed and fixed by law due to careless acts constitutes what is termed as negligence. This makes it to be based on conduct rather than any form of agreement. A tort of negligence therefore is only committed when actionable damage is sustained, and this is not only by carelessness but by inflicting damage carelessly in situations where the law recognizes a duty to be careful. Negligence is hence established if the conduct was careless and there existed a causal relationship between the damage and that conduct. A close look at it is a situation where the conduct was foreseeable to inflict the damage on person harmed. Negligence statements provided by company auditors can result to pure economic loss. Internal auditors check the accuracy of the financial information and provide an opinion whether the information is true and fair according to the accounting standards and common law. They are liable to external users of financial information since external users rely on audited statements to make investment decisions hence the need of the opinions to be unbiased and remain independent. Therefore, it is their legal duty to provide an assurance to all audited statements users that the material is not of fraud, its reliable and lacks irregularities. Conclusion by the auditor that the information is fairly stated as per the accounting standards makes them liable if they are found to have been materially misstated.
Author: F. Lessambo Publisher: Springer ISBN: 1137360011 Category : Business & Economics Languages : en Pages : 476
Book Description
This book provides a comprehensive approach to Corporate Governance, Audit Process and Risk Management. Furthermore, it provides an analytical and comprehensive approach of the issues facing governance directors, internal and external auditors, risk managers, and public officials conducting assessments based upon the Report on Standards and Codes.
Author: Christopher Allegaert Publisher: ISBN: Category : Languages : en Pages :
Book Description
Under common law, auditors owe a duty of care only to certain limited third parties, and may exercise a quot;lack of dutyquot; defense against all others who sue for negligence or negligent misrepresentation. The quot;lack of dutyquot; defense is rooted in a bygone era of accounting. The courts have not considered the effects of drastic changes in professional accounting practice since the leading cases were decided, and the law has lost touch with professional practice and the business environment. Attempts to apply outmoded law to particular situations result in decisions that are neither predictable nor consistent between jurisdictions, causing inequities to plaintiffs and reducing incentives for auditor effort. We suggest linking the legal duty of care to the standard of professional behavior required of auditors under generally accepted auditing standards.
Author: Simon Salzedo KC Publisher: Bloomsbury Publishing ISBN: 1526512467 Category : Law Languages : en Pages : 566
Book Description
An in-depth practical work covering all the main areas of accountants' legal liabilities in negligence claims, including audit liabilities to clients and others, tax and insolvency work and conflicts of interest. It covers accountants' negligence in relation to claims against accountants acting for corporations as well as accountants acting for individuals. The second edition focusses on the difficult legal issues surrounding the liability of accountants in negligence claims. It covers statutory and non-statutory audits, tax advice, specified procedures reporting, due diligence reports and corporate finance reporting. It looks at the scope of losses for which the accountant may be liable with detailed reference to case law as well as money laundering and regulatory issues. Limitation and contributory fault are considered with special reference to accountants' cases. The following important developments and case law are included: - The material covering the application of the SAAMCO/scope of duty principle has been substantially revised following the clarification of the SAAMCO principle of scope of duty by the Supreme Court in BPE Solicitors & Anor v Hughes-Holland [2017] UKSC 21, [2018] AC 599 and the Court of Appeal in the accountants' case of Manchester Building Society v Grant Thornton UK LLP [2019] EWCA Civ 40, [2019] 1 WLR 4610 - AssetCo v Grant Thornton [2019] EWHC 150 (Comm), [2019] Bus LR 2291 in which the first edition of this book was cited several times, an auditor was held liable for trading losses caused by management fraud and the Court of Appeal at [2021] PNLR 1 considered the application of the scope of duty principle to a general audit case and the question of credit for the receipt by the company of new capital - The difficult question of the application of the scope of duty principle to dividends, discussed by the High Court in BTI v PricewaterhouseCoopers [2020] PNLR 7 and the Court of Appeal in AssetCo v Grant Thornton - Lowick Rose LLP v Swynson Ltd & Anor [2017] UKSC 32 on avoided loss - Developments in the application of rules of contributory fault to accountants in the light of the trial judgments on this issue in Manchester Building Society v Grant Thornton and AssetCo v Grant Thornton - The effect of the Supreme Court's decision in Singularis Holdings v Daiwa Capital Markets [2020] AC 1189 on auditor's counterclaims and the illegality defence - The controversial High Court decision on accountants' conflicts of interest in Harlequin Property v Wilkins Kennedy [2017] 4 WLR 30 - Pre-action disclosure against auditors following the decision in Carillion Plc v KPMG LLP [2020] EWHC 1416 (Comm) - First Tower Trustees v CDS (Superstores) [2019] 1 WLR with important implications for the application of UCTA to disclaimers of liability - Halsall v Champion Consulting [2017] PNLR 32 where extended limitation under s14A was considered in the context of tax schemes and a tax adviser's contractual time bar was construed - Evans v PricewaterhouseCoopers [2019] EWHC 1505 (Ch) on the date when the cause of action for tax advice was considered in detail - Developments in the law of privilege in relation to investigations of auditors including Sports Direct v Financial Reporting Council [2020] EWCA Civ 177, [2020] 2 WLR 1256 - Substantial revisions to the Code of Ethics, disciplinary bye-laws, and the FRC's rules and schemes
Author: Dan L. Goldwasser Publisher: Practising Law Inst ISBN: 0872240959 Category : Law Languages : en Pages : 886
Book Description
Accountants' Liability also provides attorneys with the legal, strategic, and tactical knowledge they need to prove (or successfully defend against) claims against accountants such as breach of contract, breach of fiduciary duty, negligence, securities claim fraud, common law fraud, civil RICO actions, as well as practice and ethical violations
Author: Kelly Adam
Author: Kelly Adam
Author: F. Lessambo
Author: Christopher Allegaert
Author: Robert Warren Vincent Dickerson
Author: Simon Salzedo KC
Author: Jonathan R.H.H. Pockson
Author: John N. Kufus
Author: Wiley Daniel Rich
Author: Dan L. Goldwasser
Author: R. James Gormley