Tutorial_11 - Tutorial 11 Review Questions 1. What are the...

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Tutorial 11 Review Questions 1. What are the main statutes affecting auditor regulation in Australia? 2. Name three groups for whose work an audit partner may be held liable. 3. A common type of legal action against auditors is for failure to detect a defalcation. State the auditor’s responsibility for such discovery. Give authoritative support for your answer. 4. Distinguish between the auditor’s potential liability to each of the client and third parties under: (1) common law, and (2) the statute. Describe one situation for each type of liability in which the auditor could be held legally responsible. 5. In what ways can an auditor positively respond to and reduce liability in auditing? 6. ANu-Wave Expansion Ltd, a company based in Melbourne, is contemplating the acquisition of all the shares in Kute Technics Pty Ltd, a small proprietary company registered in Perth, having learned of the availability of the company in 20X8 from a firm of accountants that audits both companies, Dell Dingle &
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Tutorial_11 - Tutorial 11 Review Questions 1. What are the...

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