Question
2.) The AICPA states, in their Principles of Professional Conduct (0.300), that all members should abide by the due care principle. What is meant by
2.) The AICPA states, in their Principles of Professional Conduct (0.300), that all members should abide by the due care principle. What is meant by this? What is due care and why is it important? Can you provide an example?
3.) Under what circumstances can a client sue its auditor? Under what circumstances can a third party sue an auditor? Provide an example from the text or other appropriate source.
4.) What can auditors or auditing firms do to protect themselves against client or third-party lawsuits?
5.) After watching the video for the week (Crazy Eddie's) please list at lease one audit failure that permitted this fraud to continue from 1969-1987. (https://www.youtube.com/watch?v=5f6ZpC2bmbs)
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