Please explain about THE PROFESSION’S RESPONSE TO LEGAL LIABILITY below and give an example : 1....

Please explain about THE PROFESSION’S RESPONSE TO LEGAL LIABILITY below and give an example :

1. Research in auditing

2. Standard and rule setting

3. Set requirements to protect auditors

4. Establish peer review requirements

5. Oppose lawsuits

6. Education of users

7. Sanction members for improper conduct and performance

8. Lobby for changes in laws

Expert Solution

1. Research in auditing is usually conducted by professionals like Chartered Accountants. Eg: Special Audit to be conducted on XYZ Company due to doubt about correctness of accounts

2. Standard and Rule setting is proper following of prescribed rules set by the particular entity for being in disciplined manner

3. Set requirements to protect auditors is the rules presscribed in provisons of Auditing Standards

4. Establish Peer review requirements is Audit done by one CA Firm of other CA Firm to check whether Firm is working under rules and regulations as per ICAI

5. Oppose Law suits is punishing person who is victims

6. Education of Users is formal guide to instruct users and provide sufficients information

7.Sanction memeber of improper conduct and performance means professional misconduct that resulted harm to assets to the organization/entity

8 Lobby for changes in law means particular thing which should or should not be happened or changed

ekkarill92 answered 1 year ago

LEGAL CONCEPTS AFFECTING LIABILITY, Please Explain and give an example below: 1. Prudent person concept? 2....

LEGAL CONCEPTS AFFECTING LIABILITY, Please Explain and give an example below: 1. Prudent person concept? 2. Liability For the acts of others? 3. Lack of Privileged communication?

Four Major Sources of Auditors’ Legal Liability Please Explain : 1. Liability to clients 2. Liability...

Four Major Sources of Auditors’ Legal Liability Please Explain : 1. Liability to clients 2. Liability to third parties 3.Federal securities laws 4. Criminal liability

please give and explain one example about Nanotechnology

Answer the following questions, please be thorough in your response. 1. Give an example of a...

Answer the following questions, please be thorough in your response. 1. Give an example of a positive and negative externality and what regulations the government would use to correct the negative externality? 2. Choose a product protected by intellectual property rights. Discuss the advantages and disadvantages of that product being protected

Please give a response to below paragraph the one marked response not the question. The Question:Discuss...

Please give a response to below paragraph the one marked response not the question. The Question:Discuss the properties of some of the commonly used functions on the set of Integers and on the set of Real Numbers. (Ex. Is the exponentiation any or none of Injective, Surjective, Bijective?, etc.) Response: An exponential function such as exp(x) = e^x is an example of a commonly used injective function, which is a function that is one-to-one, meaning the elements of the domain...

Legal terms affecting CPA's Liability: please explain it: Terrms related to negligence and fraud: 1. Ordinary...

Legal terms affecting CPA's Liability: please explain it: Terrms related to negligence and fraud: 1. Ordinary negligence? 2. Gross negligence? 3. Constructive fraud? 4. Fraud? Terms related to contract law:: 1.Breach of contract? 2. Third-party beneficiary? Other terms: 1. common Law? 2.Statury Law? 3. Joint and several liability? 4.Separate and proportionate liability?

please give me a long example about " impulse" and a long example about "momentum" PLEASE...

please give me a long example about " impulse" and a long example about "momentum" PLEASE DONT COPY AND PASTE ANYTHING FROM THE INTERNET. give me an example from your own. thank you

Please give a response to be below - do you agree or don't agree? 1. I...

Please give a response to be below - do you agree or don't agree? 1. I do not believe that most businesses are meeting its responsibilities to its consumers. Most companies are more worried about making a profit rather than ensuring that their product is ready to be placed on shelves. Too many times you see kids items that are not safe or even incorrect labeling which can be just as dangerous. Companies are more worried about quantity over quality...

Define, explain and give a case study example of the following terms: • Signature Liability •...

Define, explain and give a case study example of the following terms: • Signature Liability • Acceleration Clause • Commercial Fund Transfers

What is a contingent liability? Give an example of a contingent liability that is usually recorded...

What is a contingent liability? Give an example of a contingent liability that is usually recorded in the accounts in current period even though it is Still a Contingent liability now (Not a liability). Under what circumstances is a contingent liability disclosed only in the notes to the financial statements? Under what circumstances is a contingent liability not recorded in the accounts nor disclosed in the notes to the financial statements?

Question