The Law Of Negligence Company Auditor
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The Law Of Negligence Company Auditor
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Author : Kelly Adam
language : en
Publisher: GRIN Verlag
Release Date : 2014-02-10
The Law Of Negligence Company Auditor written by Kelly Adam and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-02-10 with Business & Economics categories.
Document from the year 2013 in the subject Business economics - Revision, Auditing, , language: English, abstract: Auditors accumulate and evaluate information to be able to determine whether the financial reports of a given company complied with legislative requirements and established criteria. An auditor therefore determines the credibility of financial information so that the correct use of it in business and investment decisions can be made. Auditors have legal duties attached to their activities which they are expected to uphold. A breach of the legal duty which is imposed and fixed by law due to careless acts constitutes what is termed as negligence. This makes it to be based on conduct rather than any form of agreement. A tort of negligence therefore is only committed when actionable damage is sustained, and this is not only by carelessness but by inflicting damage carelessly in situations where the law recognizes a duty to be careful. Negligence is hence established if the conduct was careless and there existed a causal relationship between the damage and that conduct. A close look at it is a situation where the conduct was foreseeable to inflict the damage on person harmed. Negligence statements provided by company auditors can result to pure economic loss. Internal auditors check the accuracy of the financial information and provide an opinion whether the information is true and fair according to the accounting standards and common law. They are liable to external users of financial information since external users rely on audited statements to make investment decisions hence the need of the opinions to be unbiased and remain independent. Therefore, it is their legal duty to provide an assurance to all audited statements users that the material is not of fraud, its reliable and lacks irregularities. Conclusion by the auditor that the information is fairly stated as per the accounting standards makes them liable if they are found to have been materially misstated.
Accountants Negligence And Liability
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Author : Simon Salzedo KC
language : en
Publisher: Bloomsbury Publishing
Release Date : 2021-03-26
Accountants Negligence And Liability written by Simon Salzedo KC and has been published by Bloomsbury Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-03-26 with Law categories.
An in-depth practical work covering all the main areas of accountants' legal liabilities in negligence claims, including audit liabilities to clients and others, tax and insolvency work and conflicts of interest. It covers accountants' negligence in relation to claims against accountants acting for corporations as well as accountants acting for individuals. The second edition focusses on the difficult legal issues surrounding the liability of accountants in negligence claims. It covers statutory and non-statutory audits, tax advice, specified procedures reporting, due diligence reports and corporate finance reporting. It looks at the scope of losses for which the accountant may be liable with detailed reference to case law as well as money laundering and regulatory issues. Limitation and contributory fault are considered with special reference to accountants' cases. The following important developments and case law are included: - The material covering the application of the SAAMCO/scope of duty principle has been substantially revised following the clarification of the SAAMCO principle of scope of duty by the Supreme Court in BPE Solicitors & Anor v Hughes-Holland [2017] UKSC 21, [2018] AC 599 and the Court of Appeal in the accountants' case of Manchester Building Society v Grant Thornton UK LLP [2019] EWCA Civ 40, [2019] 1 WLR 4610 - AssetCo v Grant Thornton [2019] EWHC 150 (Comm), [2019] Bus LR 2291 in which the first edition of this book was cited several times, an auditor was held liable for trading losses caused by management fraud and the Court of Appeal at [2021] PNLR 1 considered the application of the scope of duty principle to a general audit case and the question of credit for the receipt by the company of new capital - The difficult question of the application of the scope of duty principle to dividends, discussed by the High Court in BTI v PricewaterhouseCoopers [2020] PNLR 7 and the Court of Appeal in AssetCo v Grant Thornton - Lowick Rose LLP v Swynson Ltd & Anor [2017] UKSC 32 on avoided loss - Developments in the application of rules of contributory fault to accountants in the light of the trial judgments on this issue in Manchester Building Society v Grant Thornton and AssetCo v Grant Thornton - The effect of the Supreme Court's decision in Singularis Holdings v Daiwa Capital Markets [2020] AC 1189 on auditor's counterclaims and the illegality defence - The controversial High Court decision on accountants' conflicts of interest in Harlequin Property v Wilkins Kennedy [2017] 4 WLR 30 - Pre-action disclosure against auditors following the decision in Carillion Plc v KPMG LLP [2020] EWHC 1416 (Comm) - First Tower Trustees v CDS (Superstores) [2019] 1 WLR with important implications for the application of UCTA to disclaimers of liability - Halsall v Champion Consulting [2017] PNLR 32 where extended limitation under s14A was considered in the context of tax schemes and a tax adviser's contractual time bar was construed - Evans v PricewaterhouseCoopers [2019] EWHC 1505 (Ch) on the date when the cause of action for tax advice was considered in detail - Developments in the law of privilege in relation to investigations of auditors including Sports Direct v Financial Reporting Council [2020] EWCA Civ 177, [2020] 2 WLR 1256 - Substantial revisions to the Code of Ethics, disciplinary bye-laws, and the FRC's rules and schemes
Accountants And The Law Of Negligence
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Author : Robert Warren Vincent Dickerson
language : en
Publisher:
Release Date : 1966
Accountants And The Law Of Negligence written by Robert Warren Vincent Dickerson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1966 with Accountants categories.
Professional Negligence
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Author : New South Wales. Supreme Court
language : en
Publisher: Butterworth-Heinemann
Release Date : 1971
Professional Negligence written by New South Wales. Supreme Court and has been published by Butterworth-Heinemann this book supported file pdf, txt, epub, kindle and other format this book has been release on 1971 with Accounting categories.
The Limitation Of An Auditior S Liability In South Africa
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Author : Steven Firer
language : en
Publisher: GRIN Verlag
Release Date : 2016-02-04
The Limitation Of An Auditior S Liability In South Africa written by Steven Firer and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-02-04 with Law categories.
Master's Thesis from the year 2013 in the subject Law - Comparative Legal Systems, Comparative Law, , course: LLM, language: English, abstract: This dissertation recommends that the laws governing the liability of the auditor in South Africa be amended to ensure a sustainable audit function and accordingly a competitive market for audit firms. These amendments must take the form of (a) introducing a monetary cap or ceiling on the quantum of damages that may be claimed by a plaintiff in the event that an auditor is found guilty of a breach of his or her legal duties and obligations in contract and in delict, (b) the provision for auditors to enter into contracts with their clients to limit the quantum of damages that may be suffered by the client as a result of the auditor’s breach of the contract with his or her client, and (c) introducing legislation which, will protect audit partners from personal liability if they did not participate directly in another partner's misdeed or fraud. It is submitted that this dissertation should be viewed as a Revised Project 70 where the South African Law Commission in 1988 investigated the desirability of the limitation of professional persons and the possible regulation thereof by legislation [the conclusion was that there was no justification to limit the liability of any category of professionals by legislation]; which is updated with and including the fundamental and paradigm shifting changes that have taken place in the global markets since then regulators in Australia, United States of America, United Kingdom, Austria, Germany, Greece, Belgium, Slovenia and Australia have removed the prohibition on auditors limiting their liability in relation to work conducted within the statutory audit function. This dissertation explores and analyses whether these significant changes to the legal systems in the United States of America, European Union and Australia would be considered appropriate for implementation in South Africa. The main component of this dissertation is constituted by a comparative analysis of the different civil liability systems for auditors which currently exist in Australia, Germany, South Africa, the United Kingdom and the United States of America. The objective of the comparative analysis was to determine to what extent the different systems of civil liability of auditors which exist in Australia, Germany, United Kingdom and United States of America could be implemented in South Africa. [...]
The International Corporate Governance System
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Author : F. Lessambo
language : en
Publisher: Springer
Release Date : 2016-01-26
The International Corporate Governance System written by F. Lessambo and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-01-26 with Business & Economics categories.
This book provides a comprehensive approach to Corporate Governance, Audit Process and Risk Management. Furthermore, it provides an analytical and comprehensive approach of the issues facing governance directors, internal and external auditors, risk managers, and public officials conducting assessments based upon the Report on Standards and Codes.
Reconsidering The Lack Of Duty Defense To State Auditor Negligence Claims
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Author : Christopher Allegaert
language : en
Publisher:
Release Date : 2002
Reconsidering The Lack Of Duty Defense To State Auditor Negligence Claims written by Christopher Allegaert and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with categories.
Under common law, auditors owe a duty of care only to certain limited third parties, and may exercise a quot;lack of dutyquot; defense against all others who sue for negligence or negligent misrepresentation. The quot;lack of dutyquot; defense is rooted in a bygone era of accounting. The courts have not considered the effects of drastic changes in professional accounting practice since the leading cases were decided, and the law has lost touch with professional practice and the business environment. Attempts to apply outmoded law to particular situations result in decisions that are neither predictable nor consistent between jurisdictions, causing inequities to plaintiffs and reducing incentives for auditor effort. We suggest linking the legal duty of care to the standard of professional behavior required of auditors under generally accepted auditing standards.
Legal Responsibilities And Rights Of Public Accountants
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Author : Wiley Daniel Rich
language : en
Publisher:
Release Date : 1935
Legal Responsibilities And Rights Of Public Accountants written by Wiley Daniel Rich and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1935 with Accountants categories.
The Law Of Accountants And Auditors
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Author : R. James Gormley
language : en
Publisher:
Release Date : 1981
The Law Of Accountants And Auditors written by R. James Gormley and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1981 with Accountants categories.
The Case For A Statutory Limitation On Auditors Liability Company Law
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Author : NZSA.
language : en
Publisher:
Release Date : 1988
The Case For A Statutory Limitation On Auditors Liability Company Law written by NZSA. and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988 with categories.
Proposes that a specified limit, or statutory 'cap', be placed on the amount of damages that can be awarded against an auditor once negligence is established. In return, auditors would be required to carry a prescribed minimum of professional indemnity insurance cover for an amount not less than the statutory cap.