Chapter 40 Accountant’s Liability

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Presentation transcript:

Chapter 40 Accountant’s Liability PowerPoint Slides to Accompany CONTEMPORARY BUSINESS AND ONLINE COMMERCE LAW 6th Edition by Henry R. Cheeseman Chapter 40 Accountant’s Liability Copyright © 2009 by Pearson Prentice Hall. All rights reserved.

Public Accounting CPA GAAP GAAS Audits Auditor’s Opinion LLP Copyright © 2009 by Pearson Prentice Hall. All rights reserved.

Liability of Accountants to Their Clients Breach of Contract Fraud Negligence – violation of GAAP or GAAS – prima facie evidence Copyright © 2009 by Pearson Prentice Hall. All rights reserved.

Liability of Accountants to Third Parties Ultramares Doctrine-no negligence without privity Forseeability Standard-include foreseeable third parties that may see statements Fraud-reliance Breach of Contract-usually not because no privity Copyright © 2009 by Pearson Prentice Hall. All rights reserved.

Liability of Accountants Under Security Laws Section 11-fraud or negligence if in SEC filing Section 10(b) and Rule 10b-5-antifraud provisions Section 18(a)false or misleading statements/fraud or reckless conduct Copyright © 2009 by Pearson Prentice Hall. All rights reserved.

Criminal Liability of Accountants Section 24-untrue statement or omissions/material Section 32-cause or make false or misleading statements Tax Preparation RICO State Laws Copyright © 2009 by Pearson Prentice Hall. All rights reserved.

SOX PCAOB Audit and nonaudit separate Supervision, approval, signature Hiring restrictions Copyright © 2009 by Pearson Prentice Hall. All rights reserved.