Homework Answers
OPTION : D
The auditor has a great burden of defense under the securities act of 1933 than the securities exchange act 1934.
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c. Which is the true statement conce O 1. The Securities Act of 1933 broadened the...
1. Which of the following is false regarding common and federal securities laws? a. The securities...
1. Which of the following is false regarding common and federal securities laws? a. The securities act of 1933 deals only with the reporting requirements for companies issuing new securities. b. -Rule 10-5b of the securities exchange act of 1934 is also known as the antifraud provision. C. -Ultramares doctrine states that ordinary negligence is insufficient for liability to third parties because of the lack of privity of contracts. d. A scienter is a specialist used in Rule 10-5b investigations....
1. Which of the following is false regarding common and federal securities laws? a. The securities...
1. Which of the following is false regarding common and federal securities laws? a. The securities act of 1933 deals only with the reporting requirements for companies issuing new securities. b. -Rule 10-5b of the securities exchange act of 1934 is also known as the antifraud provision. C. -Ultramares doctrine states that ordinary negligence is insufficient for liability to third parties because of the lack of privity of contracts. d. A scienter is a specialist used in Rule 10-5b investigations....
Please try to answer all questions. Which of the following is false with regards to audit...
Please try to answer all questions.
Which of the following is false with regards to audit responsibility? The auditor of a public company is required to certify the annual financial statements. Auditing standards make no distinction between error or fraud; in either case, the auditor must obtain reasonable assuran misstatement. The auditor's responsibility for illegal acts is the same as for errors and fraud. Reasonable assurance is a high, but not absolute, level of assurance. -> Moving to the next...
For each definition (or portion of a definition in the first column, select the term that...
For each definition (or portion of a definition in the first column, select the term that most closely applies. Each term may be used only once or not at all. Term 1. Breach of contract 2. Common law 3. Constructive fraud 4. Defendant 5. Fraud 6. Joint and several liability 7. Negligence S. Ponzi scheme 9. Proportionate liability 10. Proximate cause 11. Scienter 12. Securities Act of 1933 13. Securities Exchange Act of 1934 14. Statutory law Partial (or Complete)...
Legal Liabilities for CPA and auditors 1) the occurrence of events that result in losses for...
Legal Liabilities for CPA and auditors 1) the occurrence of events that result in losses for users of the financial statements, (2) the investigation by plaintiff attorneys before filing, to link the user losses with allegations of material omissions or Page 342misstatements of financial statements, (3) the legal process, which commences with the filing of the lawsuit, and ( 4) the final resolution of the dispute. The first stage comes about as a result of some loss-generating event, including client...
PART 1: A) True and false questions, 20 points. For each statement indicate if the statement...
PART 1: A) True and false questions, 20 points. For each statement indicate if the statement is correct (T) or false (F),USE THE LEFT SIDE FOR YOUR ANSEWRS. 1) Professional skepticism must be maintained only if the auditor suspects fraud. 2) The term "audit failure" refers to the situation when the auditor has followed auditing standards yet still fails to discover that the client's financial statements are materially misstated. 3) The best defense an auditor can have in litigation against...
Caterpillar Inc. 2017 2016 5 S 51,822 2,900 54,722 42,676 2,786 45,462 35,773 2,764 38,537 STATEMENT...
Caterpillar Inc. 2017 2016 5 S 51,822 2,900 54,722 42,676 2,786 45,462 35,773 2,764 38,537 STATEMENT 1 Consolidated Results of Operations for the Years Ended December 31 Dollar is willions cat pershare dal Sales and revenues Sales of Machinery, Energy & Transportation Revenues of Financial Products Total sales and revenues Operating costs Cost of goods sold Selling, general and administrative expenses Research and development expenses Interest expense of Financial Products Goodwill impairment charge Other operating incomel expenses Total operating costs...
Case: Enron: Questionable Accounting Leads to CollapseIntroductionOnce upon a time, there was a gleaming...
Case: Enron: Questionable Accounting Leads to CollapseIntroductionOnce upon a time, there was a gleaming office tower in Houston, Texas. In front of that gleaming tower was a giant “E,” slowly revolving, flashing in the hot Texas sun. But in 2001, the Enron Corporation, which once ranked among the top Fortune 500 companies, would collapse under a mountain of debt that had been concealed through a complex scheme of off-balance-sheet partnerships. Forced to declare bankruptcy, the energy firm laid off 4,000...
CASE 20 Enron: Not Accounting for the Future* INTRODUCTION Once upon a time, there was a...
CASE 20 Enron: Not Accounting for the Future* INTRODUCTION Once upon a time, there was a gleaming office tower in Houston, Texas. In front of that gleaming tower was a giant "E" slowly revolving, flashing in the hot Texas sun. But in 2001, the Enron Corporation, which once ranked among the top Fortune 500 companies, would collapse under a mountain of debt that had been concealed through a complex scheme of off-balance-sheet partnerships. Forced to declare bankruptcy, the energy firm...
1. Which of the following is false regarding common and federal securities laws? a. The securities act of 1933 deals only with the reporting requirements for companies issuing new securities. b. -Rule 10-5b of the securities exchange act of 1934 is also known as the antifraud provision. C. -Ultramares doctrine states that ordinary negligence is insufficient for liability to third parties because of the lack of privity of contracts. d. A scienter is a specialist used in Rule 10-5b investigations....
1. Which of the following is false regarding common and federal securities laws? a. The securities act of 1933 deals only with the reporting requirements for companies issuing new securities. b. -Rule 10-5b of the securities exchange act of 1934 is also known as the antifraud provision. C. -Ultramares doctrine states that ordinary negligence is insufficient for liability to third parties because of the lack of privity of contracts. d. A scienter is a specialist used in Rule 10-5b investigations....
Please try to answer all questions.
Which of the following is false with regards to audit responsibility? The auditor of a public company is required to certify the annual financial statements. Auditing standards make no distinction between error or fraud; in either case, the auditor must obtain reasonable assuran misstatement. The auditor's responsibility for illegal acts is the same as for errors and fraud. Reasonable assurance is a high, but not absolute, level of assurance. -> Moving to the next...
For each definition (or portion of a definition in the first column, select the term that most closely applies. Each term may be used only once or not at all. Term 1. Breach of contract 2. Common law 3. Constructive fraud 4. Defendant 5. Fraud 6. Joint and several liability 7. Negligence S. Ponzi scheme 9. Proportionate liability 10. Proximate cause 11. Scienter 12. Securities Act of 1933 13. Securities Exchange Act of 1934 14. Statutory law Partial (or Complete)...
PART 1: A) True and false questions, 20 points. For each statement indicate if the statement is correct (T) or false (F),USE THE LEFT SIDE FOR YOUR ANSEWRS. 1) Professional skepticism must be maintained only if the auditor suspects fraud. 2) The term "audit failure" refers to the situation when the auditor has followed auditing standards yet still fails to discover that the client's financial statements are materially misstated. 3) The best defense an auditor can have in litigation against...
Caterpillar Inc. 2017 2016 5 S 51,822 2,900 54,722 42,676 2,786 45,462 35,773 2,764 38,537 STATEMENT 1 Consolidated Results of Operations for the Years Ended December 31 Dollar is willions cat pershare dal Sales and revenues Sales of Machinery, Energy & Transportation Revenues of Financial Products Total sales and revenues Operating costs Cost of goods sold Selling, general and administrative expenses Research and development expenses Interest expense of Financial Products Goodwill impairment charge Other operating incomel expenses Total operating costs...
CASE 20 Enron: Not Accounting for the Future* INTRODUCTION Once upon a time, there was a gleaming office tower in Houston, Texas. In front of that gleaming tower was a giant "E" slowly revolving, flashing in the hot Texas sun. But in 2001, the Enron Corporation, which once ranked among the top Fortune 500 companies, would collapse under a mountain of debt that had been concealed through a complex scheme of off-balance-sheet partnerships. Forced to declare bankruptcy, the energy firm...
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