An accountant can be held liable for negligence: - 24326

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  • Posted on: Sat 07 Sep, 2013
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Request Description

An accountant can be held liable for negligence:
 
though he is not engaged to detect fraud.
 
when the accountant acted with the intent to deceive.
 
when he makes simple judgmental errors, while operating in accordance with GAAP and GAAS.
 
when he fails to detect fraud or misconduct that a normal audit would uncover.
                                       

Solution Description

An accountant can be held liable for negligence: though he is not engaged to detect fraud. when the accountant acted with the intent to deceive. when he makes simple judgmental errors, while operating in accordance with GAAP and GAAS. when he fails to detect fraud or misconduct that a normal audit would uncover.