Distinguish between the legal concepts of actually foreseen third party users and reasonably foreseeable third party users How does each concept establish a basis for an auditor's legal liability to third parties Some auditors claim that increased exposure under Section 404 of SOX creates a litigation environment that is unfairly risky for auditors Do you think that the inability of auditors to detect a financial statement misstatement due to gross deficiencies in internal controls over financial reporting should expose auditors to litigation Why or why not Answer the following with respect to deficiencies in ICFR a How should an SEC registrant evaluate whether a deficiency in CFR is a material weakness b Why should SEC registrant's document why a significant deficiency in ICFR is not a material weakness 4 Assume a U S company operates overseas and is approached by foreign government officials with a request to provide family members with student internships with the company The company does business in that country with foreign customers and is negotiating a contract with one such customer to provide services Under what circumstances might such a request violate the FCPA

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Distinguish between the legal concepts of actually foreseen third-party users and reasonably foreseeable third-party users. How does each concept establish a basis for an auditor's

Distinguish between the legal concepts of actually foreseen third-party users and reasonably foreseeable third-party users. How does each concept establish a basis for an auditor's legal liability to third parties?
Some auditors claim that increased exposure under Section 404 of SOX creates a litigation environment that is unfairly risky for auditors. Do you think that the inability of auditors to detect a financial statement misstatement due to gross deficiencies in internal controls over financial reporting should expose auditors to litigation? Why or why not?
Answer the following with respect to deficiencies in ICFR.

a.How should an SEC registrant evaluate whether a deficiency in [CFR is a material weakness?

b.Why should SEC registrant's document why a significant deficiency in ICFR is not a material weakness?

4.Assume a U.S. company operates overseas and is approached by foreign government officials with a request to provide family members with student internships with the company. The company does business in that country with foreign customers and is negotiating a contract with one such customer to provide services. Under what circumstances might such a request violate the FCPA?