Chapter 5 Legal Liability - Multiple Choice to Get Started...

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Multiple Choice to Get Started Which of the following are control mechanisms that can improve the quality of audit work? a. firm-wide policies to review stock ownership of auditors to avoid independence violations. b. staffing procedures to assign more experienced auditors to riskier audits. c. laws that allow victims of fraudulent financial reporting to sue auditors for deficiency in the audit d. all of the above. e. a. and b. above.
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Legal Liability of Auditors Private Securities Litigation Reform Act of 1995 Sarbanes-Oxley Act of 2002 Background Information Fundamental Legal Issues Significant Cases Impacting Auditor Liability
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Background Information Types of law Standard of due care Privity Types of deficient conduct Beneficiaries
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Types of Law Common Law Statutory Law Securities Act of 1933 Securities Exchange Act of 1934 Sarbanes-Oxley Act of 2002
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Standard of due care Assurance versus insurance Professionalism
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Privity Common Law Doctrine
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