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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

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