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23 Dec 2018

Do you think it is ethically appropriate for a plaintiff to beable to bring a lawsuit against an auditor for RICO violations? Doyou think an auditor should be held legally liable under the RICOlaw? Why or why not? Use ethical reasoning in answering thisquestion.

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Collen VonLv2

24 Dec 2018

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Fill in the blank with the answer. Each answer in thelist may be used more than once or not at all.

a.Separate and proportionate

b.Racketeer Influenced and Corrupt Organization Act (RICO)

c.Foreign Corrupt Practices Act

d.Fraud

e.Negligence

f.Reasonable professional care

g.Gross negligence

h.Securities Act of 1933

i.Compensatory damages

j.Damages

k.Criminal victim compensation

l.Punitive damages

m.Hochfelder

n.Ultramares

o.Privity

p.Near privity

q.Standing

r.Deposition

s.Constructive fraud

t.Breach of contract

u.Joint and severally

v.Securities Exchange Act of 1934

_____1.A federal statute used for legal action related to theinitial offering of securities to the public by a company.

_____2.Absence of the level of care that an auditor owes toanother party that has privity with the auditor.

_____3.Prior to SOX, the first federal statute requiringcompanies to have a functioning internal control system.

_____4.The federal statute that does not require the plaintiffto prove that he or she relied on the financial statements to beable to obtain a judgment against the auditor.

_____5.A case that established that fraud on the part of theauditor is required for an injured party to collect damages under10b-5 of the 1934 Act.

_____6.Cause of action which plaintiffs without privity have notbeen successful at using to obtain the remedy of specificperformance.

_____7.A judgment for the return of the loss the plaintiffexperienced.

_____8.Liability theory that is now used for federal civil casesagainst accountants and auditors based on the Private SecuritiesLitigation Reform Act of 1995.

_____9.When a state law does not specify the concept of grossnegligence, this is the legal concept that is likely used.

_____10.The motivation for a plaintiff to allege grossnegligence.

_____11.Can result in treble damages.

_____12.Typically requires the auditor to commit fraud beforethere will be a finding and judgment against the auditor.

_____13.Often a part of the process of discovery.

_____14.Requires that the offending partyâs behavior must havebeen intentional (scienter).

If an agent-employee injures a third party duringthe course of employment, under the doctrine of respon- deatsuperior, the employer may be held liable for the employeeâs actioneven though the employer did not authorize the action and was noteven aware of it. Is it fair to hold the employer liable in thissituation? Would it be more equitable if the employee alone washeld liable for his or her tortious (legally wrongful) actions tothird parties, even when the actions were committed within thescope of employment? Pease include citations.

PROBLEM 3: SYSTEMS DEVELOPMENT AND USER INVOLVEMENT KrugerDesigns hired a consulting firm 3 months ago to redesign theinformation system that the architects use. The architects will beable to use state of the art computer- aided design (CAD) programsto help in designing the products. Further, they will be able tostore these designs on a network server where they and otherarchitects may be able to call them back up for future designs withsimilar components. The consulting firm has been instructed todevelop the system without disrupting the architects. In fact, topmanagement believes that the best route is to develop the systemand then to introduce it to the architects during a trainingsession. Management does not want the architects to spend preciousbillable hours guessing about the new system or putting work offuntil the new system is working. Thus, the consultants areoperating in a back room under a shroud of secrecy. Required a. Doyou think that management is taking the best course of action forthe announcement of the new system? Why? b. Do you approve of thedevelopment process? Why?

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Do you think it is ethically appropriate for a plaintiff to beable to bring a lawsuit against an auditor for RICO violations? Doyou think an auditor should be held legally liable under the RICOlaw? Why or why not? Use ethical reasoning in answering thisquestion.

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