Solved >   16.Which of the following is (are) authorized:1476735 …

 

16.Which of the following is (are) authorized to conduct periodic inspections of public company auditors in order to assess whether they are complying with the requirements of the Sarbanes-Oxley Act of 2002? 
 
 

A. Public Company Accounting Oversight Board

B. Securities Exchange Commission

C. Federal Trade Commission

D. Board of directors

17.Which of the following will not impose liability on a professional to his client for breach of contract? 
 
 

A. Failing to maintain the secrecy of a client’s trade secret.

B. Failing to complete an audit on time.

C. Failing to take all the tax deductions to which a client is entitled.

D. Failing to act as an ordinarily prudent professional would act.

18.Which of the following professional liabilities is based on common law concepts of ngligence? 
 
 

A. Penal liability

B. Tort liability

C. Primary liability

D. Contractual liability

19.Which of the following is sufficient to establish that a professional has acted with scienter for purposes of common law fraud? 
 
 

A. The professional’s careless consideration for the accuracy of his work.

B. The professional’s recklessly ignoring facts.

C. The professional’s failure to exercise due diligence.

D. The professional’s negligent misstatement of fact.

20.Hamish invested in the securities of the ABC Corporation (ABC). He lost a great deal of money on those securities after ABC’s President, Ney, admitted that financial statements about the profitability of ABC had been materially exaggerated. Andy Accountant (AA) had audited those statements and had issued an unqualified opinion that they complied with GAAS and GAAP. Hamish has sued AA using Section 10b of the Securities Act of 1934 as the legal basis of his suit. To succeed, Hamish must prove that: 
 
 

A. AA acted with scienter.

B. Hamish was in privity of contract with ABC or AA.

C. AA acted negligently.

D. the material misstatement contained in the defective financial statements had the same effect as a fraud and deceit would have had.

21.The Ultramares rule permits which of the following nonclients to sue an accountant for negligent misrepresentation of a client’s financial position in financial statements audited by the accountant? 
 
 

A. A securities investor who was not known to the accountant but who used the financial statements in a way that the accountant foresaw.

B. A bank that was not known to the accountant and whose use of the financial statements was not foreseen, but whose use of the financial statements was foreseeable.

C. A bank for whose primary benefit the accountant prepared the financial statements.

D. A securities investor whose use of the financial statements to purchase common shares was foreseeable.

22.In a state that uses the Ultramares rule, also known as the primary benefit test, which third party or parties may hold an accountant liable for common law negligence? 
 
 

A. Only the client.

B. Only the client and a third party that the accountant knew would rely on the accountant’s work for a particular purpose.

C. Only the client, a third party that the accountant knew would rely on the accountant’s work for a particular purpose, and others who are in the same limited class as that third party.

D. Any third party that is a foreseeable user of the accountant’s work may hold him/her liable if that third party suffers a loss as a direct result of the accountant’s negligence.

23.In a state that uses the Restatement Sec. 552 rule, which third party or parties may hold an accountant liable for common law negligence? 
 
 

A. Only the client.

B. Only the client and a third party that the accountant knew would rely on the accountant’s work for a particular purpose.

C. Only the client, a third party that the accountant knew would rely on the accountant’s work for a particular purpose, and others who are in the same limited class as that third party.

D. Any third party that is a foreseeable user of the accountant’s work may hold him/her liable if that third party suffers a loss as a direct result of the accountant’s negligence.

24.Which of the following tests does not require determining the professional negligence? 
 
 

A. Primary benefit

B. Restatement of tort

C. Foreseeable users test

D. Scienter

25.Under the Restatement (Second) of Torts, which of the following nonclients may sue a professional for negligent misrepresentation of a client’s financial position in financial statements audited by the professional? 
 
 

A. A securities investor whose use of the financial statements to purchase common shares was foreseeable.

B. A bank that was not known to the professional and whose use of the financial statements was not foreseen, but whose use of the financial statements was foreseeable.

C. A bank that was known to the professional but used the financial statements for a purpose that was not foreseen.

D. A securities investor who was not known to the professional but who used the financial statements for the same purpose as an investor whose use was known to the professional.

 

 

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