re-issuance of financial statements does not arise from business events occurring after the date of auditor’s report. While a number of situations may apply‚ the most common situation is where the previously financial statements contain material misstatements due to either unintentional or intentional actions by management. When facts are encountered that may affect the auditor’s previously issued report‚ the auditor should consult with his/her attorney because legal implications may be involved and
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CASE TOPIC AREA RESULTING LAW [CASE DETAILS] "Whitely v Chapel " "Interpretation of Statute " "literal rule - words given dict’ meaning [voted under dead person’s name. Cannot impersonate a dead person] " "Re Sigsworth " "Interpretation of Statute " golden rule - above disregarded if absurd/repugnant situation [son due to inherit from his mother after murdering her] "DPP vs Bull / Corkery v Carpenter " "Interpretation of Statute " "mischief rule - interpret for intended effect [law referrign
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ACCT20040—Auditing and Ethical Practice Assignment 1 The collapse of Harris Scarfe----Auditing failure Submitted by: Due date: 16/08/2007 Word count: 3020 Table of content Introduction 1 History of retailer Harris Scarfe 2 Audit committee of Harris Scarfe 3 Audit independence 5 Legal liability of auditors 6 Implications for the future of the Australian auditing profession 7 Conclusion 9 Reference 11 The collapse of Harris Scarfe----Auditing failure Introduction
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Professional and Design Liability BE0892 Practice Specialisation Professional Liability Liability for injury‚ including bodily or personal injury or death‚ and property damage arising out of the negligent act or omission of a professional‚ ie‚ pharmacist‚ physician‚ attorney‚ architect‚ engineer‚ in performance of their professional activities. How can liability arise? Contract Tort Statute and regulations e.g. Supply of Goods and Services Act‚ Building Regs. Express terms Implied terms
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The issue is whether Jane can disaffirm the contract and demand that Midtown Toyota return her $3‚500. The specific issue is whether Jane made a false and fraudulent misrepresentation of her age when she entered into the contract with Midtown Toyota to purchase the vehicle. The court would likely find that Jane did not fraudulently misrepresent her age. Additionally‚ as a minor‚ Jane had no duty to read the contract she entered into with Midtown Toyota. The court would likely find that Jane did not
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corporate and accounting fraud‚ and created the "Public Company Accounting Oversight Board‚" also known as the PCAOB‚ to oversee the activities of the auditing profession. The Sarbanes-Oxley Act also created new penalties for acts that were unethical‚ negligent or fraudulent. It hoped to change how corporate boards and executives interacted with each other and with corporate auditors. Its aim is to remove the defense/excuse of "I wasn’t aware of or didn’t know about the financial issues regarding the company"
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The Impossibility of Auditor Independence Intentional collusion of auditors and their clients is is not the major cause of Audit integrity. Most of the times‚ auditors find it difficult to become objective. In 1992‚ Phar-Mor‚ Inc. drugstore in the United States seeking a court protection from corruption failed a court case. The previous auditors‚ Coopers & Lybrand‚ Phar-Mor’s failed to state inventory inflation and manipulation of finanicial that lead to overstating of $985 million earnings
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Intention: Non-commercial agreements:1.Where the agreement between the parties is of a non-commercial nature‚ it is presumed that the parties do not intend to create legal relations (Balfour v Balfour). Where the agreement between the parties is of a commercial nature‚ it is presumed that the parties do intend to create legal relations(Balfour v Balfour). The presumption in social arrangements is that there is no intention to create legal relations(Edwards v Skyways Ltd)..(Social agreements in friends/acquaintances
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2010 Business Law Revision Booklet The Business Law final exam is 3 hours with 10 minutes of reading time. HOW TO ANSWER CASE STUDY QUESTIONS When answering this question student’s need to follow the format of: i) state the issue ii) state the law-this includes relevant legislation and cases iii) apply the law to the facts iv) state the conclusion Key words used in questions: Explain – students need to provide
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Question 1 What legal issues does this situation raise and what are the possible legal consequences? Issue 1--duty of care The tort of negligence to be constituted depend on whether the defendant violate the principle of ‘Duty 0f Care’. Because of the case of Donoghue v Stevenson [1]‚ ‘Duty 0f Care’ has been established in common law: 1. Defendant whether or not fulfill the duty of care. 2. That defendant whether or not breached that duty. 3. whether Breach the duty of care is the main
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