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Unformatted text preview: SEC Act of 1933 SEC Act of 1934 Contract Law Tort Law Common Law (civil): Liability to Clients Tort Law 2. Tort Law - A tort is a wrongful act that injures another person's property, body, or reputation. a. reasons for suit i. punitive damages ii. types of suits (e.g., late tax returns, underpayment of estimated tax, failure to detect fraud, bad advise on tax or MAS) b. ex: 1136 Tenants case i. even in compilations, auditors have a duty to inform client of known wrongdoing or suspicious activities ii. W|P's did indicate some audit tests were performed iii. results: - strong recommendation for engagement letters - SSARS established...
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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