International Accounting
5th Edition
ISBN: 9781259747984
Author: Doupnik, Timothy S., Finn, Mark T., Gotti, Giorgio
Publisher: Mcgraw-hill Education,
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Question
Chapter 11, Problem 12Q
To determine
List the ways that are adopted internationally to limit the auditors’ liability.
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Chapter 11 Solutions
International Accounting
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Similar questions
- Do you believe that the current international accounting standard-setting arrangements, based around the IASB, are at risk of regulatory capture? Why or why not?arrow_forwardWhat are the implications of the cautious person notion for the auditor's legal responsibility?arrow_forwardWhat is the auditors responsibility regarding the noncompliance with laws by a client?arrow_forward
- What are disadvantages of internal public audit?arrow_forwardExplain how the purposes and principles of internal controls are different between accounting systems reporting under IFRS versus U.S. GAAP.arrow_forwardExplain the auditor legal liability, this includes what law that procure such liability?arrow_forward
- What possible actions would an auditor might take if a client’s financial statements depart from GAAP. Would the demand for assurance services increase or decrease in the future?arrow_forwardWhat are ‘free-riders’? How can a system ensure that those who benefit most from an accounting standard requiring certain disclosures also bear the greatest costs of it?arrow_forwardWhat are the differences between business failure, auditor failure, and audit risk? Is it fair to hold an auditing firm liable for any of these types of failures?arrow_forward
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