Block 1 - Professional Liability Flashcards
1
Q
Professional liability
A
2
Q
Circumstances
A
3
Q
Liable
A
4
Q
Negligent
A
5
Q
Shareholders
A
6
Q
Stakeholders
A
7
Q
File
A
8
Q
Limit/reduce liability
A
9
Q
Mistake/error
A
10
Q
Unintentional
A
11
Q
Intentional
A
12
Q
Window Dressing
A
13
Q
Tax authorities
A
14
Q
Potential investor
A
15
Q
Stock market
A
16
Q
Duty of care
A
17
Q
Professional scepticism
A
18
Q
Professional judgement
A
19
Q
Enforceable by Law
A
20
Q
Engagement letter
A
21
Q
Agency relationship
A
22
Q
Automatic
A
23
Q
Breach
A
24
Q
Allegation
A
25
Documentary evidence
26
Argument
27
Court
28
Loss
29
Quantified
30
Share price
31
Loss of wealth
32
Compensation
33
Bannerman Case
34
Liability in tort
35
Contract
36
Third party
37
Title of audit report
38
Professional competence and due care
39
Professional behavior
40
Stakeholder claim
41
Knowledge gathering
42
Distributors, retailers
43
Known stakeholders
44
Civil liability
45
Penalty
46
Criminal liability
47
Liquidate
48
Blacklist
49
Regulators
50
Limiting
51
Increase quality of work
52
Proactive reassessment
53
Quality management
54
Disclaimer of liability paragraph
55
Audit report
56
This audit report is solely for the company's shareholders
57
Exclusion clause protection
58
Consent
59
Non-discretionary
60
Disagreement
61
Gearing
62
Bank relationships
63
Negotiations
64
Incorporation
65
Adverse effects
66
Tax, audited financial statements
67
Limited liability partnership
68
Capping liability
69
$4 million listed
70
$1 million unlisted
71
Unintentional negligence
72
Management responsibility
73
Auditor limitations (sample, material, time)
