Negligence
The tort of negligence occurs when someone suffers injury because of another’s failure to live up to a required duty of care. (Roger, Clarkson, Cross 2012 p. 136) To determine if the defendant committed negligence then four factors must be present within the facts of the case:(1)duty of care,(2)breach of duty of care,(3)Causation, and(4)damages. when all four factors are fulfilled then a case for negligence exist.
Duty of Care
“Duty of care is the duty of all persons, as established by tort law, to exercise a reasonable amount of care in their dealings with others. Failure to exercise due care, which is normally determined by ‘reasonable person standard,’ constitutes the tort of negligence.” (Roger, Clarkson, Cross 2012 p. G-12) …show more content…
The public interest is defined as the collective well-being of the community of people and institutions the profession serves. members fulfilling their responsibility to the public, clients’ and employers’ interest are best served with acts of integrity. They are expected to perform quality services that demonstrates a level of consistent professionalism that are guided within the Principles of the Code of Professional Conduct. In order to maintain faith of the public that reposes in them and allow members to continually demonstrate their dedication to professional excellence.(AICPA 2014 p. 5)
The Generally Accepted Accounting Principles(GAAP), is a common set of accounting principles, authoritative standards and procedures that companies use to gather their financial reports. GAAP is the standard industry for accountants to record and report accounting and auditing informations. Typically a CPA firm audits may prove the existence of physical assets, examine business activities and confirm account …show more content…
On April 12, 2005 Sensory Circuit filed bankruptcy protection under Chapter 7 of the Bankruptcy Code. Sensory Circuit still owed $2,390,000 to Bank of Star and was unlikely to get a full recovery of the loss. The plaintiff suffered a legally recognizable loss of $2,390,000 due to Sensory Circuit sudden
The tort of negligence occurs when someone suffers injury because of another’s failure to live up to a required duty of care. (Roger, Clarkson, Cross 2012 p. 136) To determine if the defendant committed negligence then four factors must be present within the facts of the case:(1)duty of care,(2)breach of duty of care,(3)Causation, and(4)damages. when all four factors are fulfilled then a case for negligence exist.
Duty of Care
“Duty of care is the duty of all persons, as established by tort law, to exercise a reasonable amount of care in their dealings with others. Failure to exercise due care, which is normally determined by ‘reasonable person standard,’ constitutes the tort of negligence.” (Roger, Clarkson, Cross 2012 p. G-12) …show more content…
The public interest is defined as the collective well-being of the community of people and institutions the profession serves. members fulfilling their responsibility to the public, clients’ and employers’ interest are best served with acts of integrity. They are expected to perform quality services that demonstrates a level of consistent professionalism that are guided within the Principles of the Code of Professional Conduct. In order to maintain faith of the public that reposes in them and allow members to continually demonstrate their dedication to professional excellence.(AICPA 2014 p. 5)
The Generally Accepted Accounting Principles(GAAP), is a common set of accounting principles, authoritative standards and procedures that companies use to gather their financial reports. GAAP is the standard industry for accountants to record and report accounting and auditing informations. Typically a CPA firm audits may prove the existence of physical assets, examine business activities and confirm account …show more content…
On April 12, 2005 Sensory Circuit filed bankruptcy protection under Chapter 7 of the Bankruptcy Code. Sensory Circuit still owed $2,390,000 to Bank of Star and was unlikely to get a full recovery of the loss. The plaintiff suffered a legally recognizable loss of $2,390,000 due to Sensory Circuit sudden