Top Posters
Since Sunday
5
a
5
k
5
c
5
B
5
l
5
C
4
s
4
a
4
t
4
i
4
r
4
Home Q & A Board Other Fields Homework Help Business Accounting
New Topic  
ScienceForte ScienceForte
wrote...
Go to Answer
Posts: 135
Rep: 0 0
A year ago
As a consequence of his failure to adhere to generally accepted auditing standards in the course of his examination of the Lamp Corp., Harrison, CPA, did not detect the embezzlement of a material amount of funds by the company's controller. As a matter of common law, to what extent would Harrison be liable to the Lamp Corp. for losses attributable to the theft?

▸ He would have no liability, since the ordinary examination cannot be relied upon to detect thefts of assets by employees.

▸ He would have no liability because privity of contract is lacking.

▸ He would be liable for losses attributable to his negligence.

▸ He would be liable only if it could be proven that he was grossly negligent.
Textbook 
Auditing and Assurance Services

Auditing and Assurance Services


Edition: 17th
Authors:
Read 41 times
1 Reply
Replies
Answer verified by a subject expert
drdaviddrdavid
wrote...
#1
Posts: 139
Rep: 0 0
A year ago
Sign in or Sign up in seconds to unlock everything for free
More solutions for this book are available here
1

Related Topics

ScienceForte Author
wrote...

A year ago
Thanks
bioc
wrote...

Yesterday
I appreciate what you did here, answered it right Smiling Face with Open Mouth
ezsancheezy
wrote...

2 hours ago
This helped my grade so much Perfect
New Topic      
Quick Reply
Explore
Post your homework questions and get free online help from our incredible volunteers
  1339 People Browsing
Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook
Live Chat
Related Images
  
 602
  
 2682
  
 304
Your Opinion
Which industry do you think artificial intelligence (AI) will impact the most?
Votes: 352
Previous poll results: Who will win the 2024 president election?