Accounting Ethics: Legal Liabilities of Auditors скачать в хорошем качестве

Accounting Ethics: Legal Liabilities of Auditors

Auditors can be sued by clients, investors, creditors, and the government and can be held liable under common and statutory law. Common law evolves from legal opinions issued by judges in deciding a case. These opinions become legal principles that set a precedent and guide judges in deciding similar cases in the future. Statutory law, on the other hand, is legislation passed at state or federal level that establishes certain courses of conduct that must be adhered to by parties. In this video, we’ll discuss legal liabilities of auditors under Common law and under statutory laws for lawsuits brought by clients and third parties and discuss the 4 general stages in audit-related disputes: a) events that result in losses for users of the financial statements, b) investigation by plaintiff attorneys to link the user losses with allegations of material omissions or misstatements of financial statements, c) filing of the lawsuit, and d) final resolution of the dispute. Your homework, cases, discussions, and unit exams may include multiple-choice or essay questions about legal liabilities of auditors. Ask yourself: What is the auditor's liability under common law and statutory law? What is a privity relationship? #accounting #accountinglectures #accountingtutorials #accountingconcepts #accounting_concept #accountingtips #accountingbasics #accounting ethics #pay#ethics #cpa_ethics #ima_ethics #ethicsmatter #cpa #cpatips