What steps should an auditor take to minimise the risks of litigation?
Question:
What steps should an auditor take to minimise the risks of litigation?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (2 reviews)
Auditors face the risk of litigation due to potential audit failures or allegations of negligence in carrying out their duties To minimize the risks of litigation and protect themselves from legal lia...View the full answer
Answered By
Nyron Beeput
I am an active educator and professional tutor with substantial experience in Biology and General Science. The past two years I have been tutoring online intensively with high school and college students. I have been teaching for four years and this experience has helped me to hone skills such as patience, dedication and flexibility. I work at the pace of my students and ensure that they understand.
My method of using real life examples that my students can relate to has helped them grasp concepts more readily. I also help students learn how to apply their knowledge and they appreciate that very much.
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
What steps should an auditor take to help identify fraud risk factors?
-
In the 1980s, Crazy Eddie was a fast-growing electronics retailer business specializing in stereos, televisions, VCRs, and computer gaming systems. Founded by Eddie Antar, Crazy Eddie was well known...
-
What steps should an auditor take to identify fraud risks in the revenue cycle?
-
John Black is considering to purchasing a land from Real Estate Ltd for $1,000,000. The terms of the agreement are, 10% down payment, and the balance is to be repaid at 20% interest for duration of...
-
If the stock market return next year turns out to be - 20 %, will our estimate of the "normal" risk premium increase or decrease? Does this make sense?
-
Suppose you are a hospital manager and have been told that there is no need to worry that respirator monitoring equipment might fail because the probability any one monitor will fail is only 0.01....
-
49. Marathon Inc. (a C corporation) reported $1,000,000 of taxable income in the current year. During the year, it distributed $100,000 as dividends to its shareholders as follows: $5,000 to Guy, a 5...
-
Dividends Otter Tail, Inc, began operations in January 2012 and had the following reported net income or loss for each of its 5 years operations: 2012 ... $150,000 loss 2013 ... 130,000 loss 2014 ......
-
Southwest Milling Company purchased a front - end loader to move stacks of lumber. The loader had a list price of $ 1 2 2 , 8 6 0 . The seller agreed to allow a 4 . 2 5 percent discount because...
-
Discuss the legal reforms in relation to audit legal liability that have been implemented in the UK to date.
-
Explain the contribution of the cases of Candler (1951), Hedley Byrne (1963) and Caparo (1990), with respect to the auditors duty of care to third parties.
-
You buy (go long) five copper futures contracts at 100 cents per pound, where the contract size is 25,000 pounds. At contract maturity, copper is selling for 102 cents per pound. What is your profit...
-
The accounting records of the Eco Paper Company include the following information relating to the current year ended 31 March 2023: Materials 31 March 2023 $20,000 1 April 2022 $25,000 Work in...
-
The first read is an article on the development of money of a World War II prisoner-of-war, which was published in 1945. The second article was published in the opinion section of the New York Times...
-
Describe each Speaker's basic assumptions regarding employee motivation. That is, what are the underlying principles which guide how the Speaker treats his/her people (i.e., their direct report...
-
Find the area of the shaded region. The graph to the rate of IQ scores of adults, and those scores are normally distributed with the mean of 100 and a standard deviation of 15. x=81
-
In which scenario is Nikki showing resilience to stress? Nikki lost her job as an engineer 3 months ago. At first, she was depressed, but she realized she wanted to change career paths and decided to...
-
Explain why it is important for both individuals and organizations to behave ethically.
-
In July 2013, cnet.com listed the battery life (in hours) and luminous intensity (i. e., screen brightness, in cd/m2) for a sample of tablet computers. We want to know if screen brightness is...
-
company SHARKIYA DESALIN You are in the accounts manager of financial analyst at the company. Prepare the financial analysis of performance report and analysis of the company in the year 2020...
-
In the weekly toam meeting one of your team members is presenting the results of the team's financial statement analysis to the supervisor. The team member commented. There are extremely positive...
-
41. Maria purchased a building in 2010 that she uses in her business. Maria uses the straight-line method for the building. Maria's original cost for the building is $420,000 and cost-recovery...
Study smarter with the SolutionInn App