statements are free of material misstatement‚ whether caused by error or fraud.” In other words‚ auditors are not expected to provide absolute assurance financial statements because auditors do not examine every transaction and event. The public‚ however‚ expect auditor to guarantee all material misstatements. While users who use the reported financial statements expect all illegal issues such as fraud to be detected‚ auditors are more likely to consider misstatements in the financial statements reported
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Applications of Negligence to Business Chapter objectives On completion of this chapter‚ you should be able to: identify and discuss the application of the tort of negligence to the following: a) occupier’s liability b)strict liability c) negligent misstatements d)employer or vicarious liability e) breach of statutory duty f) criminal negligence HI 5018 BUSINESS LAW T2 2014 3 3 1 Chapter objectives On completion of this chapter‚ you should be able to: explain how a bailment arises describe the
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The Leslie Fay Companies (Leslie Fay) was a designer specializing in women’s stylish dresses. The company was run by Fred Pomerantz and subsequently by his son‚ John Pomerantz. Both Pomerantz men were known for their lavish lifestyles and overbearing personalities. Fred had hired Paul Polishan right out of college in 1969 to join the accounting staff at Leslie Fay. Polishan would later go on to become the company’s CFO. Polishan‚ as it seemed‚ had an even more overbearing personality than either
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equity shares in excess of the equity shares offered in the public issue as a post listing price stabilizing mechanism” A Green Shoe (sometimes "green shoe")‚ legally called an "over-allotment option" (the only way it can be referred to in a prospectus)‚ gives underwriters the right to sell additional shares in a registered securities offering at the offering price‚ if demand for the securities exceeds the original amount offered. The greenshoe can vary in size up to 15% of the original number
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free from material misstatement‚ whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves
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Additionally‚ items should be stored in a separate location and not sent directly into the production area. Copies of purchase orders should never be sent to the receiving department because this can lead to “careless counting” and intentional misstatements. Furthermore‚ I did not notice any control over the movement of materials into the goods-in-process or any records of
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Measures sufficiency of evidence – adds an allowance for sampling risk depending on the confidence or risk level desired * Objectively evaluates sample results – indicates whether you’ve exceeded the tolerable deviation rate or tolerable misstatement Non-statistical Sampling * Auditor uses judgment‚ rather than statistical techniques * This provides no means of quantifying sampling risk * Auditor may also sample haphazardly‚ which selects items on an arbitrary basis‚ but without
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Essay #2B: Explanatory Synthesis Paper (30%) Research Prospectus Due: Monday‚ Feb. 17 in library Documentation Days!!: February 19 & 24 Mandatory Conferences: February 21 & 24 (Fri. & Mon.) Rough Draft Due: Wednesday‚ Feb. 26 (2 copies) #2B: Explanatory Synthesis Wednesday‚ March 5 Length: 6 typewritten pages (1300-1500 words) This paper will be a review of an issue related to your summary article: Work in the 21st Century‚ Green Power‚ Parenting and Education‚ Business & Advertising
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duty of care‚ to provide valid descriptions of an individual’s quality and potential as a former employee‚ and thus a reasonable reference is‚ truthful and fair. It is up to employers to thus avoid inaccurate references that lead to negligent misstatements or misinterpretations on their part. It is known that in tort‚ liability arises by fault of a particular party or defendant. In other words‚ the modern causation of negligence is formed by evidence that coincide with people or companies that had
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PROTECTION OF INVESTORS IN PRIMARY MARKET (IPOs) THROUGH ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS (ICDR) 1. INTRODUCTION We have discussed in previous chapter that SEBI has wide powers to regulate the securities market and to protect the interest of investors in primary market as well as secondary market. The board has powers to regulate the functioning of stock broker‚ sub brokers or other intermediaries‚ so that investor’s money can not be lost by malpractices or in other
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