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Discuss whether you believe Horton will be found liable to the purchasers of common stock.

5-23 (OBJECTIVES 5-5, 5-6) In order to expand its operations, Gibson Corp. raised $5 millionin a public offering of common stock, and also negotiated a $2 million loan from CitizensNational Bank. In connection with this financing, Gibson engaged Horton & Co., CPAs, toaudit Gibson’s financial statements. Horton knew that the sole purpose of the audit […]

Based on the ruling in Hochfelder v. Ernst & Ernst, an auditor generally must have knowl- edge and ___________ to be found guilty of a violation of Rule 10b-5 of the 1934 Act.

MULTIPLE CHOICE QUESTIONS FROM BECKER CPA EXAM REVIEW LEGAL LIABILITYDISCUSSION QUESTIONS AND PROBLEMS 5-17 (OBJECTIVES 5-3, 5-4, 5-5, 5-6) Following are eight statements with missing terms involving auditor legal liability. 1. ________________ is generally only available as a defense in suits brought by clients. 2. Under the Ultramares doctrine, an auditor is generally not liable […]

Compare and contrast traditional auditors’ legal responsibilities to clients and third-party users under common law. How has that law changed in recent years?

ASSIGNMENT What are the four major sources of auditors’ legal liability?2. Compare and contrast traditional auditors’ legal responsibilities to clients and third-party users under common law. How has that law changed in recent years?3. What are the auditor’s possible defenses against lawsuits filed under the SecuritiesExchange Act of 1934

What are the six core ethical values described by the Josephson Institute? What are some other sources of ethical values?

Describe the enforcement mechanisms for CPA conduct REVIEW QUESTIONS 4-1 (OBJECTIVE 4-1) What are the six core ethical values described by the Josephson Institute?What are some other sources of ethical values? 4-2 (OBJECTIVE 4-2) Describe an ethical dilemma. How does a person resolve an ethicaldilemma? 4-3 (OBJECTIVE 4-3) Identify some of the most important ways […]

Distinguish between independence of mind and independence in appearance. Identify an activity that may not affect independence of mind but is likely to affect independence in appearance.

ASSIGNMENT 1.Distinguish between independence of mind and independence in appearance. Identify anactivity that may not affect independence of mind but is likely to affect independence inappearance.2. Explain the role of the audit committee in enhancing auditor independence.

Why is there a special need for professional conduct by CPAs? How does this differ from the need for special conduct in other professions?

ASSIGNMENT 1.Suppose that you share a ride to a client with another audit staff member. Your colleague proposes that you both submit mileage reimbursement requests for each dayof the audit even though you share rides. Explain the six-step approach to resolving anethical dilemma and apply it to this situation. 2. Why is there a special […]

PROFESSIONAL ETHICS-Describe the purpose an content of the AICPA Code of Professional Conduct.

PROFESSIONAL ETHICS Distinguish ethical from unethical behavior in personal and professional contexts. 4-2 Resolve ethical dilemmas using an ethical framework. 4-3 Explain the importance of ethical conduct for the accounting profession. 4-4 Describe the purpose an content of the AICPA Code of Professional Conduct. 4-5 Apply the AICPA Coderules and interpretations on independence and explain […]

Did the audit firm issue a combined or separate report(s) on the financial state- ments and on internal controls over financial reporting?

ASSIGNMENT 3-30 (OBJECTIVES 3-3, 3-4) Publicly traded companies must electronically file a variety of forms or reports with the SEC, including the Form 10-K, which includes the audited annual financial statements. The SEC makes most of these electronic documents available on the Internet via EDGAR, which stands for Electronic Data Gathering, Analysis, and Retrieval system. […]

Identify and explain any items included in “Other Information” that need not be part of the auditor’s report.

ASSIGNMENT a. Identify and explain any items included in “Other Information” that need not be partof the auditor’s report. b. Explain the deficiencies in Patel’s report as drafted.* The following are independent situations for which you will recommend an appropriate audit report: 1. Subsequent to the date of the financial statements as part of his […]

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