Accountant Liability
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Negligence defense | followed GAAS
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| To prove Constructive gross negligence(fraud) must | 1 material misrepresentation, 2 reckless disregard to the truth, 3 reasonable reliance, 4 actual damages
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| 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.
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| To establish Scienter | plaintiff must prove actual or constructive knowledge of misrep by CPA
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| 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.
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| CPAs working papers | not subject to privileged communication rules, but are NOT Xferrable in a practice sale without client's consent
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Created by:
baurjan
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