Final - Ch .20 Flashcards
1
Q
A tort is a breach of contract for which civil action may be taken (T/F)
A
False
2
Q
An auditor can be sued by a client for negligence under common law (T/F)
A
True
3
Q
General standard of performance owed by an accountant in his or her professional work is to…
A
Exercise the skill and care of a the ordinarily prudent accountant in the same circumstances
4
Q
Under the “Ultramares” doctrine, to what parties will an accountant be liable for negligence?
A
Privity but not foreseen parties
