Inferred consent

Article Abstract:

The British Columbia Court of Appeal has decided that auditors can be held liable for any alterations a client may perform on financial statements even after auditing has been completed. The court, which ruled in favor of the plaintiffs after buying debentures in the Victoria Mortgage Corporation, stated that the accounting firm was to blame for the inconsistencies of the financial statements in the prospectus and the copies audited. The accounting firm was made responsible for giving consent in giving their opinion in the prospectus and ruled that no major alterations were performed by the client on the financial statements to make them liable.

Accounting, auditing, & bookkeeping, Accounting & Auditing Services, Accounting, Tax Preparation, Bookkeeping, and Payroll Services, Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Accounting Services Regulation, Laws, regulations and rules, Accounting services, Malpractice, British Columbia, Auditors, Financial statements, Accounting law

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The high cost of losing

Article Abstract:

Cases brought before courts should first be considered carefully by plaintiffs in order to avoid losses and penalties for negligence. A case brought before the Nova Scotia Court of Appeals on July 1996 is an example of such a situation. It involved the faulty appraisal of an inn that was to be purchased by a bank's clients. Investigations revealed that the appraisal was erroneous which resulted in the placement of a higher value on the said property.

Banking Institutions, Depository Credit Intermediation, Real Estate, Real Estate and Rental and Leasing, DEPOSITORY INSTITUTIONS, Justice, Justice, Public Order, and Safety Activities, Analysis, Cases, Banks (Finance), Law, Valuation, Parties to actions, Nova Scotia. Court of Appeals

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Risky introductions

Article Abstract:

Accountants should be aware of the risks involved in introducing clients to investment opportunities, and ensure that any advice given should be clearly documented.

Investments

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