TAILIEUCHUNG - Lecture Principles of auditing and other assurance services (15/e): Chapter 4 - Whittington, Pany

Lecture Principles of auditing and other assurance services (15/e) - Chapter 4: Legal liability of auditors. This chapter described the legal environment of auditors, emphasizing legal liability under both common law and statutory law. | Legal Liability of Auditors Chapter 4 1 Primary Sources of CPA Liability Breach of Contract Negligence Ordinary Gross Fraud Statutory Securities Act of 1933 Securities Exchange Act of 1934 Other—Criminal and RICO 4- Elements of Proof by Client Under Common Law Duty—CPAs accepted a duty of due professional care Breach of duty—CPAs breached that duty Losses—Suffered by plaintiff Causation (proximate cause)—Losses were caused by CPAs’ performance 4- Approaches to Auditor Common Law Liability to Third Parties 4- 2 2 Ultramares Approach to Auditor Liability Selected Cases Ultramares Corporation v. Touche (1931)--A landmark case under common law in that it established that auditors could be held liable to third-party beneficiaries for ordinary negligence and to other third parties for gross negligence. Credit Alliance Corp. v. Arthur Andersen & Co. (1985)--A common-law decision establishing that auditors must demonstrate knowledge of reliance on the financial statements by a .

• Kế toán - Kiểm toán
• Principles of auditing
• Assurance services
• Legal liability of auditors
• CPA liability
• Criminal liability
• Securities laws
• Compliance auditing
• Internal auditing profession
• Operational audit
• Lecture Principles of auditing
• Bài giảng Nguyên lý kiểm toán
• Auditor legal liability
• Audit planning
• Audit evidence
• Audit procedures
• Auditing operations
• Completing the audit
• Income statement accounts
• Administrative expenses
• International auditing overview
• The audit market
• Professional accountants
• Client acceptance
• Understanding the entity
• Internal control
• Additional assurance services
• Historical financial information
• Audit report
• Special reports
• Attestation engagements
• Internal control integrated framework
• Examination report
• Public accountant
• American economy
• Professional services
• Financial statements
• Professional standards
• Standards of reporting
• GAAP hierarchy
• Public accounting profession
• Professional ethics
• Ethical dilemma
• Nature of ethics
• Establishing professional ethics
• Audit documentation
• Audit risk
• Audit risk formula
• Planning the audit
• Linking audit procedures
• Assessing fraud risks
• Control environment factors
• Accounting System
• Control activities
• IT environment
• Computer hardware
• IT control activities
• Audit sampling
• Statistical sampling
• Random sample
• Statistical sampling plans
• Financial investments
• Audit cash
• Accounts receivable
• Notes receivable
• Revenue cycle
• Revenue cycle controls
• Cost of goods sold
• Conversion cycle
• Physical inventory
• Controls over plant
• Audit of intangibles
• Long lived assets
• Audit of property
• Accounts payable
• Acquisition cycle
• Audit accounts payable
• Equity capital
• Interest bearing debt
• Substantive tests
• Auditors’ reports
• Nonpublic entity audits
• Public company audits
• Integrated audits
• Management’s responsibility
• Analytical procedures
• Substantive testing
• Audit reports
• Corporate governance
• Understanding the client
• Assessing risks