Seminar 7 Vicarious Liability The problem question deals mainly with the issue of Vicarious Liability and Negligence. In order to advise Jerry one would have to explore the rules of vicarious liability‚ relevant statute law and case law which may apply. Vicarious liability has been defined as the person who commits a wrong must be an employee and not an independent contractor‚ the employee must have committed a tort and the tort must have been in the course of employment. The doctrine of ‘vicarious
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LIABILITIES OF THE DIRECTORS By: Course: Instructor: University‚ City‚ State: Date: LIABILITIES OF THE DIRECTORS A company is usually established by individuals or Directors (officers included) in this case so as to run it in appropriate manner in order to make maximum profits. For this to happen‚ it is for the company (Pandora Diamonds and Gems Pty Ltd in our case) to enter or make contracts with outsiders like Kaplan Bank Ltd and Space Solutions Pty
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more basic concepts in fraud deterrence and detection is the fraud triangle. The fraud triangle is also known as Cressey’s Triangle‚ or Cressey’s Fraud Triangle. Cressey’s Fraud Triangle gets its name from Donald Cressey. Cressey was one of the “nations leading experts on the sociology of crime”. He authored a few books including Other People’s Money‚ Theft of the Nation‚ and co-authored Principles of Criminology with Edwin H. Sutherland. Cressey is honored by many anti-fraud organizations‚ including
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Unit 8 Essay Malcolm Johnson Fraud Investigation CJ125 Prof. Ayers 9/23/2012 Fraud Examination and auditing are very much related‚ but is not the same thing. Because most occupational frauds are financial crimes‚ there is necessarily a certain degree of auditing involved. A fraud examination involves a lot more than just a review of financial records. Other than a review of financial information a fraud investigation involves interviews‚ statement analysis‚ and also public record searches
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Chapter 1: Auditing: Integral to the Economy TRUE/FALSE 1. The need for assurance services arises because the interests of the users of information may be different from that of the interests of those responsible for providing information. ANS: T PTS: 1 OBJ: Demand for Assurances NAT: AACSB-Analytical skills | AICPA BB-Critical thinking 2. An audit of financial statements is a form of attestation service. ANS: T PTS: 1 OBJ: Auditing Defined NAT: AACSB-Analytical skills | AICPA BB-Critical
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Bank fraud is a crime that has been around as long as banks themselves. Anytime there is a large amount of money floating around‚ there are going to be people trying to figure out ways to get to it. In the United States‚ and most other developed countries‚ bank fraud is a serious problem that causes billions of dollars in damages every year‚ and is considered a federal offense. In China bank fraud is even punishable by death. Bank fraud is defined as attempting to wrongfully take money or property
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information have been recorded with accurate amounts IV. Cutoff: only those transactions and events have been recorded that pertains to the accounting period under consideration V. Classification: transactions and events have been recorded in the related accounts properly 2. Assertions about account balances at the period end: I. Existence: all the assets‚ liabilities and other interests that appear in the financial statements actually exist. II. Rights and obligations: the assets presented in the financial
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AC 4342 Auditing Introduction to assurance and financial statement auditing Discussion Question: Messier Q1-13‚ 14 1 References HKICPA Members’ Handbook Amended Preface to the Hong Kong Quality Control‚ Auditing‚ Review‚ Other Assurance‚ and Related Services Pronouncements Hong Kong Framework for Assurance Engagements Reference Messier: Ch 1 2 CILOs and TLAs CILOs 1 Describe the auditing profession‚ the regulatory‚ legal and reporting framework of auditing. Recognize the basic
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encountered by both litigation process and “ADR” Alternative Dispute Resolution‚ it still manages to be successful to an extent to counteract any mishap and disputes. In fact‚ it is an indication of success of ADR which has penetrated the civil litigation system of the UK. Therefore‚ the core target is to resolve argument agreeably and thoughtfully consider the bargaining process while negotiating. “ADR” Alternative Dispute Resolution resolves the issues largely by allowing litigation to become less adversarial
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Solutions Manual to accompany Auditing: a practical approach by Jane Hamilton CHAPTER 1 Introduction and overview of auditing [pic] John Wiley & Sons Australia‚ Ltd 2010 Chapter 1 – Introduction and overview of auditing 1. What does ‘assurance’ mean in the financial reporting context? Who are the three parties relevant to an assurance engagement? An assurance engagement (or service) is defined as ‘an engagement in which an assurance
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