3.24 Negligence‚ liability to third parties theory: negligence- any conduct that is careless or unintentional in nature and entails a breach of any contractual duty or duty of care in tort (that is ‚ those who the auditor could reasonable foresee would rely on the auditor’s report)‚ owed to another person or persons. (a) What are the liabilities‚ if any‚ of the auditor? To whom is the auditor liable? The liabilities are that the auditor had failed to detect a significant embezzlement by a
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Subject: Negligence Liability of Accountants ______________________________________________________________________ Facts By law‚ accountants may be responsible for customers that hire them in various legal theories‚ including contract‚ fraud and negligence. Accountant malpractice happened when he or she violates the duty of reasonable care‚ knowledge‚ skills and judgment that he or she is due to a client or to the laws to provide auditing and other services. South Asset Management Co hired
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Activity 12 Pg. 59 #1 1. Provide a broad definition of negligence. Negligence may be broadly defined as the failure to exercise reasonable care to avoid injuring their property. The situation of each case is how the definition of reasonable care is concluded. Most of the time negligence is linked directly to carelessness. The four factors associated and required for the existence of negligence surround the party that owed a duty. Negligence is present when there is a duty of care. The duty is
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Contributory and Comparative Negligence Contributory and comparative negligence are legal concepts that are slightly similar in meaning. These are two separate legal concepts that minimize the liability of the defendant (McWay‚ 2010). The biggest difference between the two is that with comparative negligence there is usually some type of monetary compensation. But with contributory negligence‚ there won’t usually be any type of monetary compensation. Contributory negligence is when one person brings
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GDP Gross Domestic Product or GDP defined as “the value of the goods and services generated within a country.” GDP is believed to provide a measurement of a country’s overall economic output and also helps to determine the national income. The U.S. was severely impacted by a recession as it hit in 2008. The GDP for the year 2008 was just above $14 trillion‚ -.3% (0%‚ .4%) and by the end of the fourth quarter in 2008‚ GDP was -8.9% (-6.8%‚ -5.4%); it had fallen 6.4%. This was mainly due to economic
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NEGLIGENCE: THE EMPLOYER’S DUTIES Employers Liability in Negligence • May be personally liable to employees who injure themselves. • May be personally liable to employees who are injured by another employee or sometimes by an independent contractor employed by the employer. • May be vicariously liable if one employee is injured by another employee. NOTE: • Employees may also be able to recover from statutory workers compensation schemes. • Employees’ rights at common law may be restricted
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Liability based on negligence because there clearly a failure to exercise the degree of care that a reasonable‚ prudent person would have exercised under the circumstance. +No assumption of risk because the plaintiff knew and appreciated the risk created by the product defect and the plaintiff voluntarily assumed the risk‚ even though it was unreasonable to do so. -Kolchek will be UNABLE to sue Porter but is able to sue Great Lakes.
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Negligence: According to Commercial Escrow Company v. Rockport Rebel‚ negligence is a “conduct‚ which falls below the standard established by law for the protection of others”. And in this case‚ Mechanics National Bank failed to remove the lien on Ms. Warren’s Lagoon Beach property‚ which means it‚ fell beneath the standard for civic protection recognized by law. “Every one is responsible‚ not only for the result of his willful acts‚ but also for an injury occasioned to another by his want of
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Negligence falls under civil law as the plaintiff is entitled to seek monetary compensation from the defendant by reporting the incident or filing a complaint or case to the Australian Health Practitioner Regulation Agency (AHPRA). Plaintiff refers to the
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ABSTRACT This essay deals with the law of torts‚ and more specifically the tort of negligence. It discusses cases and judgements related to it. It concludes by looking at the elements of negligence and their meanings. THE LAW OF TORTS A tort is basically a civil wrong. A civil wrong is an act‚ intentional or otherwise‚ the consequences of which include‚ but are not limited to damage to life or property‚ injury to a person‚ emotional or mental trauma‚
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