aQuaMaRine: Materi Power Point LEGAL LIABILITY

oPen YouR minD

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iKainheRe Tells About Her Self

Kenalin, gw Ika.

Just the same with another women.

Hanya ajja gw suka banget bikin orang senyum, ketawa, dengan hidangan yang gw suguhkan.

Gw sangat menghargai preferen, pendapat, masukan, kritikan, tapi bukan menjudge.

Just be my self. Dengan style, brave life, color friends, and dunia gw.

Menjadi seorang penulis yang brave, eksis, dan stylish itu gga gampang, semua dari nol. Contemplative comedy gw pilih buat mewakili apa yang pengen gw sampaikan.
Komedi selalu bisa mengungkapkan apa yang tak bisa kita pahami.

Seperti kata Moliere, “The duty of comedy is to correct men by amusing them.”

Banyak orang yang bilang, penulis yang baik adalah penulis yang punya referensi yang banyak, menurut gw itu bener. Banyak-banyaklah nonton film dan baca buku.
Penulis yang baik juga akan selalu mengadopsi dan mempelajari, tapi tidak pernah mencuri.

Mudah-mudahan gw bisa

November 18, 2008

Materi Power Point LEGAL LIABILITY

Introduction and Background

· Continuing liability crisis in profession

o More active prov. sec. commissions

o Increased market volatility

o Idea of “deep pockets”

o Public accountant willingness to settle

o Complexity of business, accounting and auditing (business failure, audit failure, constraints of audit….)

· Problem greater in US

· Canada/US differences

o Jury trials

o Punitive damages

o Costs sanctions

o Class action lawsuits

o Canadian regulatory environment

o Court decisions

· Terminology and concepts

o Negligence; fraud

o Breach of contract; third-party beneficiary

o Privity of contract

o Common law; statutory law

o Prudent person concept

o Joint and several liability

o Lack of privilege

o Contributory negligence

o Management as client

o Shareholders as third parties

Sources of Liability

· Liability to clients

o Breach of contract

· Requires privity

· Use of engagement letter…

o Negligence

· Plaintiff must prove…

· Accountant must owe duty of care

· Accountant must have been negligent

· Plaintiff must show loss

· Causal connection between negligence and loss

o Negligence (continued…)

· Defendant strategies…

· Lack of duty

· Absence of misstatement

· Absence of negligence

o CICA HB Sec. 5090…

o Use of expert witnesses

· Contributory negligence

o Kane v. Coopers (fig. 4-6)

· No damages

· Lack of causal connection

· Liability to Third Parties under Common Law

o No breach of contract (lack of privity), but liability for negligence is evolving… Issue not settled…

o Ultramares doctrine, then

o “foreseeable third parties”

o Haig v. Bamford (fig 4-9) – lack of privity not valid defense….

o Then, Caparo v. Dickmans and Hercules v. Ernst restrict auditor liability

o Defenses here are the same as under liability to clients above

· Liability under Securities Legislation

o Canada - Ontario Securities Act

§ Misrepresentation in a prospectus

§ issue of privity is overcome by statute

o US – Securities Act of 1933

§ Registration statement for initial offerings

§ 3^rd party plaintiff need only prove the existence of material misstatement

o US – Securities Exchange Act of 1934

§ Annual reports for listed companies

o US – FCPA

§ Internal control

Responses to Legal Liability

· Professions response….

· Individual practitioner response…

iKainheRe

:::: tHe fRienDLy kinDLy cHeeRy giRL ::::

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