L22 Notes_Part_13 - gross negligence or fraud Criminal...

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Racketeer Influenced and Corrupt Organizations Act (RICO) RICO provides for civil and criminal sanctions for certain illegal acts. Passed in 1970 to combat the infiltration of legitimate businesses by organized crime.
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Criminal Liability Gross Negligence Fraud Auditors can be held criminally liable under the laws discussed in the previous section. Criminal prosecutions require that some form of criminal intent be present, such as
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Unformatted text preview: gross negligence or fraud. Criminal Sanctions Auditors may be found guilty for criminal action under federal laws. It is illegal to defraud another person through knowingly being involved with false financial statements. Prominent US criminal cases U.S. v. Simon ( aka Cont. Vending) U.S. v. Weiner (aka Equity Funding) ESM Gov’t Securities v. Alexander Grant U.S. v. Andersen...
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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.

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L22 Notes_Part_13 - gross negligence or fraud Criminal...

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