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Question
In Ultramares Corporation vs. Touche, the court found the defendant accounting firm not liable for negligence due to the plaintiff's lack of privity of contract or a privity-like relationship with the defendant.Answer
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Registered accounting firms that audit more than 100 public companies annually are subject to inspection and review by the Public Company Accounting Oversight Board (PCAOB) once a year.
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The SEC has oversight and enforcement authority over the Public Company Accounting Oversight Board (PCAOB).
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The accountant-client privilege provides that ________.
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Accountants cannot be held criminally liable for material irregularities in financial statements prepared for registration statements.
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A due diligence defense cannot be asserted by an accountant against the civil liabilities of Section 11(a) of the Securities Act of 1933.
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Which of the following is true of Rule 10b-5?
A) Privity of contract is necessary for filing a lawsuit under this rule.
B) Civil lawsuits are not permitted under this rule.
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Q:
When an accountant has behaved negligently causing damage to a third party, the third party ________.
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Which of the following is the broadest standard for holding accountants liable to third parties for negligence?
A) Section 552 of the Restatement (Second) of Torts
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A qualified opinion is the most favorable opinion that an accountant can render.
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The ________, an organization created by the accounting profession, issues new GAAP rules and amends existing rules.
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Which of the following statements is true of accountants?
A) Accountants who pass the CPA examination are called private noncertified accountants.
B) Accountants cannot be held liable by provisions of common law.
C) Accountants cannot be held liable to clients and third parties.
D) Accountants who lack CPA certification are called public accountants.