Question

In: Accounting

Fill in the blank with the answer. Each answer in the list may be used more...

Fill in the blank with the answer. Each answer in the list may be used more than once or not at all.

a.Separate and proportionate

b.Racketeer Influenced and Corrupt Organization Act (RICO)

c.Foreign Corrupt Practices Act

d.Fraud

e.Negligence

f.Reasonable professional care

g.Gross negligence

h.Securities Act of 1933

i.Compensatory damages

j.Damages

k.Criminal victim compensation

l.Punitive damages

m.Hochfelder

n.Ultramares

o.Privity

p.Near privity

q.Standing

r.Deposition

s.Constructive fraud

t.Breach of contract

u.Joint and severally

v.Securities Exchange Act of 1934

_____1.A federal statute used for legal action related to the initial offering of securities to the public by a company.

_____2.Absence of the level of care that an auditor owes to another party that has privity with the auditor.

_____3.Prior to SOX, the first federal statute requiring companies to have a functioning internal control system.

_____4.The federal statute that does not require the plaintiff to prove that he or she relied on the financial statements to be able to obtain a judgment against the auditor.

_____5.A case that established that fraud on the part of the auditor is required for an injured party to collect damages under 10b-5 of the 1934 Act.

_____6.Cause of action which plaintiffs without privity have not been successful at using to obtain the remedy of specific performance.

_____7.A judgment for the return of the loss the plaintiff experienced.

_____8.Liability theory that is now used for federal civil cases against accountants and auditors based on the Private Securities Litigation Reform Act of 1995.

_____9.When a state law does not specify the concept of gross negligence, this is the legal concept that is likely used.

_____10.The motivation for a plaintiff to allege gross negligence.

_____11.Can result in treble damages.

_____12.Typically requires the auditor to commit fraud before there will be a finding and judgment against the auditor.

_____13.Often a part of the process of discovery.

_____14.Requires that the offending party’s behavior must have been intentional (scienter).

Expert Solution

1. A federal statute used for legal action related to the initial offering of securities to the public by a company. - h

2. Absence of the level of care that an auditor owes to another party that has privity with the auditor. - e

3. Prior to SOX, the first federal statute requiring companies to have a functioning internal control system. - c

4. The federal statute that does not require the plaintiff to prove that he or she relied on the financial statements to be able to obtain a judgment against the auditor. - h

5. A case that established that fraud on the part of the auditor is required for an injured party to collect damages under 10b-5 of the 1934 Act. - m

6. Cause of action which plaintiffs without privity have not been successful at using to obtain the remedy of specific performance. - t

7. A judgment for the return of the loss the plaintiff experienced. - i

8. Liability theory that is now used for federal civil cases against accountants and auditors based on the Private Securities Litigation Reform Act of 1995. - a

9. When a state law does not specify the concept of gross negligence this is the legal concept that is likely used. - s

10. The motivation for a plaintiff to allege gross negligence. - l

11. Can result in treble damages. - b

12. Typically requires the auditor to commit fraud before there will be a finding and judgment against the auditor. v

13. Often a part of the process of discovery. - r

14. Requires that the offending party’s behavior must have been intentional (scienter) - d

ekkarill92 answered 1 year ago

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