Activity 12 Pg. 59 #1 1. Provide a broad definition of negligence. Negligence may be broadly defined as the failure to exercise reasonable care to avoid injuring their property. The situation of each case is how the definition of reasonable care is concluded. Most of the time negligence is linked directly to carelessness. The four factors associated and required for the existence of negligence surround the party that owed a duty. Negligence is present when there is a duty of care. The duty
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Chapter 24 Completing the Audit Review Questions There are four presentation and disclosure-related audit objectives: 24-1 PRESENTATION AND DISCLOSURE-RELATED AUDIT OBJECTIVES Occurrence and rights and obligations Completeness Accuracy and valuation Classification and understandability DESCRIPTION Account-related information as described in the footnotes exists and represents the rights and obligations of the company. All required disclosures are included in the financial statement
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performing the annual goodwill impairment testing‚ most companies engage valuation specialists to conduct the analysis. The auditors also rely on the help of the valuation specialist to evaluate the underlying data and assumptions. In this cases a misstatement arising primarily from recent market declines‚ the engagement partner has determined that goodwill for the US reporting unit is a material account balance as of December 31‚ 20X3 because it is quantitatively significant ($280 million) and qualitatively
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Assurance Hand Note Professional Stage-Knowledge Level By: Shafique Ahmed-Sr. Officer (Internal Audit-BSRM) Assurance CA in Bangladesh www.facebook.com/cainbd 1 Assurance Hand Note Professional Stage-Knowledge Level By: Shafique Ahmed-Sr. Officer (Internal Audit-BSRM) CONTENTS OF ASSURANCE 01. 1.01 1.02 1.03 1.04 1.05 1.06 1.07 1.08 1.09 1.10 1.11 1.12 Preliminary of Assurance: Assurance Engagement: Key elements of an assurance engagement: Levels of assurance Objective of an Audit: True & Fair
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revenues exist‚ are complete‚ and are accurate. Procedures To test the reasonableness of sleeping room revenues‚ B&J: 1. Identified the key factors‚ key relationships and other considerations that drive sleeping room revenues 2. Determined tolerable misstatement based on assessment of inherent and internal control risks 3. Set and corroborated expectations 4. Compared client actual amounts to expectations and evaluated results 5. Assessed the need for additional tests of details Results & Conclusion 1
Free Limited liability partnership Corporation Types of business entity
The case we were provided with was Abu V. Shell Company. In this case Abu and Shell company signed a contract of 10 years on the basis of the statement by Shell company experts that the station would be able to sell 900 000 liters of petrol per year. The approximate amount was provided on the basis of being direct access to the service station from Main street. A decision made by the local council announced that there would be a change in the traffic dierect access ‚ Shell company continued the contract
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Week 2 Knowledge Check Study Guide Concepts Mastery Questions Intentional torts 100% 1 2 3 Negligence 100% 4 5 6 67% 7 8 9 100% 10 Product liability and strict liability Defenses to product liability Score: 11 / 12 11 12 Concept: Intentional torts Mastery 100% Questions 1. Identify the true statement about intentional torts. 1 2 3 A. A person can be sued for assault even if there was no actual physical contact. B. A person can be sued for threatening future harm. C
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1: Does the error represent a material misstatement? According to GAAP‚ information is material "If its omission or misstatement could influence the economic decision of users taken on the basis of the financial statements." Based on this definition and the following ratios‚ we believe Molex did in fact misstate the Balance Sheet and Income Statements for the period ending in June of 2004. In September‚ prior to making these errors public information‚ Molex released its yearly financials
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recommendation from a previous employer renounces his sexual misconduct and guarantees his employment with another county agency. The negligent hiring of Joseph Herrera led to another history of sexual mishap between him and a patient. One of the major problems with this
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TABLE OF CONTENTS INTRODUCTION This assignment will strive to outline points of law including identifying key vitiating factors‚ including duress and undue influence and illegality as well as forms of discharge of a contract and remedies for that. It will also apply these laws to the cases provided to illustrate the application of these laws. Vitiating factors represent some sort of defect in the formation of the contract. Examples of this are that the contract is based
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