Busy. Please wait.

Forgot Password?

Don't have an account?  Sign up 

show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.

By signing up, I agree to StudyStack's Terms of Service and Privacy Policy.

Already a StudyStack user? Log In

Reset Password
Enter the email address associated with your account, and we'll email you a link to reset your password.

Remove ads
Don't know (0)
Know (0)
remaining cards (0)
To flip the current card, click it or press the Spacebar key.  To move the current card to one of the three colored boxes, click on the box.  You may also press the UP ARROW key to move the card to the "Know" box, the DOWN ARROW key to move the card to the "Don't know" box, or the RIGHT ARROW key to move the card to the Remaining box.  You may also click on the card displayed in any of the three boxes to bring that card back to the center.

Pass complete!

"Know" box contains:
Time elapsed:
restart all cards

Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Regulation-CPA liab

Accountant Liability

Negligence defense followed GAAS
To prove Constructive gross negligence(fraud) must 1 material misrepresentation, 2 reckless disregard to the truth, 3 reasonable reliance, 4 actual damages
Ultra mares rules min vs majority mere foreseeable 3rd party recover damages( minority), foreseen ( NOT merely foreseeable )3rd party can recover-F/S was intended for.
To establish Scienter plaintiff must prove actual or constructive knowledge of misrep by CPA
To establish Common Law CPA liability (also 1934) 1 mateial misrepresentation, 2 Scienter (intent or reckless), 3 reasonable reliance, 4 actual damages. - does NOT require due diligence.
CPAs working papers not subject to privileged communication rules, but are NOT Xferrable in a practice sale without client's consent
Created by: baurjan