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Unformatted text preview: court cases that have interpreted their liability for fair reporting under the SEC Acts of 1933 and 1934. Figures 15-7 and 15-8 list the most important of those cases. For each of the following issues, identify the court case that offers the auditor some guidance on his or her responsibilities and summarize the findings. a. What are the auditor's duties when the client conducts financial transactions that may seem significant but are not required to be disclosed under GAAP? b. To what extent does the auditor's lack of criminal intent protect him when his actions are deemed to be reckless? c. To what extent is the auditor liable under security law when her actions are neither reckless nor intended to deceive? d. What are the responsibilities of the auditor when he discovers evidence of material misstatement after fieldwork has been conducted? e. Is the auditor criminally liable when she colludes with management to...
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This note was uploaded on 10/05/2011 for the course ACG 5637 taught by Professor Monikacaushoulli during the Fall '08 term at University of Florida.
- Fall '08