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Unformatted text preview: accountant would under the circumstances. ( There can still be negligence if accountant follows GAAP and GAAS.) b. The accountants violation of duty caused harm to the client. 5. It is the responsibility of the SEC to: interpret federal securities laws issue new rules and amend existing rules; oversee the inspection of securities firms, brokers, investment advisers, and ratings agencies; oversee private regulatory organizations in the securities, accounting, and auditing fields; and coordinate U.S. securities regulation with federal, state, and foreign authorities. 6. If a decision does not have a rational business purpose, the managers are liable and the decision can be rescinded. If a court decides that there is a rational business purpose, both the manager and the decision are protected....
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This note was uploaded on 02/05/2011 for the course BULE 402 taught by Professor Shubin during the Fall '10 term at George Mason.
- Fall '10