...Economics Volume XVIII (2011), No. 9(562), pp. 61-70 Limiting Civil Liability in the Sphere of Business Auditing Carmen COSTULEANU University “Petre Andrei”, Iaşi ccostuleanu@yahoo.com Ionel BOSTAN University “Al. I. Cuza”, Iaşi ionel_bostan@yahoo.com Emil HOROMNEA University “Al. I. Cuza”, Iaşi emil.horomnea@yahoo.com Marcel COSTULEANU University “Gr.T. Popa”, Iaşi mcostuleanu@yahoo.com Carmen CODREANU University “Petre Andrei”, Iaşi codrcarmen@yahoo.com Abstract. The statutory audit of business entities is represented by the audit of annual financial accounts or consolidated financial accounts, according to the Community legislation transposed in national regulations. Negligence or imprudence in performing the activities related to this type of audit entail special consequences. It is to some of the elements derived from this context that we refer in this paper, especially as there is often the underlying risk for the auditor to be held liable. It is worth noting that one cannot claim several compensations for the same action. Then, the auditor is not jointly liable with the other authors of the illicit actions which have caused damages. On the other hand, limited liability does not apply to the situations when it has been proven that the auditor has breached his professional duties with direct intent. Keywords: auditing contract; insurance; negligence/imprudence in the performance of duties; civil liability; faults; offences; damages. JEL Codes: M14, M41. REL Codes: 5H,...
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...Scenario Involving Civil Liability and Civil Action Jacquelyne Anderson Professor Phillip Edwards CJ499-01 September 14, 2014 In this scenario project I will identify four alleged crimes and one criminal civil action. In addition, I will apply principles involving criminal law relevant to the criminal justice practice, and I will demonstrate my understanding of civil liabilities relative to criminal justice agencies, and practitioners. Furthermore, I will identify case laws relevant to the possible civil action that could be brought against the police officer, the department and the city. After addressing these issues, I will have described a scenario involving a civil liability and a civil action. When identifying the four alleged crimes and the one criminal civil action, regarding this scenario project, the four alleged crimes are: 1) attempted robbery, 2) drug possession, 3) carrying a gun, and 4) assault and battery. After speaking to a female victim, Officer Jones noticed an individual who partially fit the description, and walked toward them. Officer Jones identified himself, and told the individual to stop. Unfortunately, this individual did not stop, and kept on walking from the officer, and the officer shouted again identifying himself, but this time the individual stopped. When the individual stopped he looked at the officer and there was a big bulge in his right pocket, but refused to put his hands where the cop could see them. The subject began...
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...Legal liability is the liability of a party imposed by a court for its actions or, in some cases, inactions, and for which the courts will award pecuniary damages as a form of redress. Negligence is the failure to exercise the required amount of care to prevent injury to others. For example, if you cause an accident that injures someone or damages their vehicle because you were driving at an unsafe speed, then you could be sued for negligence. In some cases, the law imposes absolute liability (aka strict liability) on specific parties without regard to fault, and, therefore, obviates the need to prove fault in court. For instance, manufacturers are held strictly liable for defective products that they manufacture. Sometimes, the law designates other parties as being responsible, whether they are or not. Imputed negligence results in vicarious liability, where the principal is responsible for the acts of his agents. For example, employers have vicarious liability for the actions of their employees Most cases of negligence cannot be determined absolutely, for it depends on many factors. The main measure used to determine whether an act was negligent is to consider what a reasonably prudent person would do, given the age and knowledge of the tortfeasor, and other relevant factors. Requirements for liability in the law of negligence Before a court will award damages, the presumed negligence must satisfy 4 requirements: 1. there must be a legal duty to perform or to use reasonable...
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...Should A Business Have Civil Liability for the Criminal Acts of Its Employees? A business should have civil liability for the criminal acts of its employees when the criminal acts are done in connection with the employee performing work for the company. This includes acts that were both known and unknown by the employer. Vicarious liability and respondeat superior are two large factors in businesses being liable for their employees, and it is vital to understand what does and doesn’t fall under these doctrines. Businesses have a duty of care to hire, train, supervise, and retain employees that are responsible and ethical members of society; if an employee commits a criminal act while representing the business, then the employer has breached its duty of care. Employees represent the business they work for, and a business reaps benefits of its employees as far as sales and goodwill are considered, therefore the business should be held responsible for its employee’s acts because the employee is acting on behalf of the business (“Defining an employer’s duty of care,” n.d.). There are a few key reasons that a business should have civil liability for the criminal acts of its employees. Imposing liability on a business may give it an incentive to invest in higher standards for hiring, supervision, and retention of its employees to prevent these crimes from occurring. From a firm’s standpoint, it is much more favorable investing in the hiring and training of employees rather...
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...Introduction: Health is wealth. The knowledge persons of all the years & times said this valuable comment forever. Really its true. A healthy body can build a healthy human; a healthy human can develop a civil society. A good civil society can build a strong nation. So it is never ever can underestimate the necessity of human health. What is inside the sound human body? If we postmortem the causes then we will get that, a healthy balanced diet is the one of the main reason of maintaining the good health. Now a day the world has become more & more professional. In most of the families who duels in the city area the husband also wife are engaged with service. They get a very little or negligible time to cook food in home. And the demand of first food is increasing highly. In accordance with the similarity we have decided to set up a restaurant named “Bachelor’s Restaurant”. It’s the institution where we are providing guarantee of healthy & balanced diet, nutrition food as well as in cheap rate. Step One: Making the Commitment Bachelor restaurant fast-casual restaurant, serving fast, fresh, healthy grilled meats and vegetables. The first store will be located in Dhaka.. The restaurant will be located at 16/2 Baily road in Dhaka. The founder and president of bachelor’s restaurant is Mr. Ahmed Khairul. Mission Bachelor’s Restaurant is a great place to eat, combining an intriguing atmosphere with excellent, interesting food that is also very good for the people...
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...------------------------------------------------- ------------------------------------------------- PROFITABILITY RATIO ANALYSIS: Najmun Nahar Srity Return on Asset (ROA): ID.No.091-11-924 Figure: Return on Asset (ROA) Interpretation: ROA (Return on Asset): ROA is a indicator of managerial efficiency, it indicates how capable the management of bank has been converting the institution’s assets into net earnings. In this example, the DBBL earned in year 2010 is 1.989693165 and in 2009 is 1.39102595.The Premier Bank in year 2010 is 2.632 and 2009 is 2.2988, which means the 2010 is than the 2009 by using tk. 100 of assets. Here we see that Premier Bank is higher on ROA, SO Premier bank is better than DBBL. Return on Equity (ROE): Figure: Return on Equity (ROE) Interpretation: ROE (Return on Equity): ROE is measure of rate of return following to this bank’s shareholder. If approximates the net benefit that the stockholder have received from investing their capital in the bank. For this example, DBBL shareholders will get 2010 is 28.63057606 and 2009 is 26.1431769. The Premier Bank shareholders get in 2010 is $28.0636 and 2009 is 23.4650, which mean the...
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...University of the Philippines Application for Financial Assistance under the Socialized Tuition and Financial Assistance Program (STFAP) Alphabetic Bracketing Scheme UP STFAP Form AB-1 Version 1.06 03/09 This form may be photocopied or downloaded from the U.P. STFAP website: http://stfap.up.edu.ph. Printed forms are available for a nominal amount. To qualify for financial assistance, the student must: 1. Be a Filipino citizen. 2. Be a bona fide undergraduate student. Except for Law or Medicine, the applicant must not have a bachelor’s degree. For an incoming freshman or new student, the applicant must have a U.P. Admission Slip. 3. Never have been adjudged guilty of any offense that carries a penalty of more than thirty- (30) days suspension. 4. Be in need of financial assistance as determined by the University. Important Notes 1. The grant shall be for one academic year, renewable annually. 2. The University reserves the right to determine whether the student deserves financial assistance, and the kind and amount of assistance. 3. STFAP privileges will be withdrawn from a student who withholds and/or falsifies information, without prejudice to other penalties that may be imposed by the University. Some students have already been expelled or suspended from the University for withholding and/or falsifying information in their STFAP application. 4. All information supplied by the student will be treated with strict confidentiality and will be for the internal use only by the...
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...1 APPLYING FOR: ( ) BAKESHOP ( ) FULL STORE ( ) OTHERS GOLDILOCKS BAKESHOP, INC. FRANCHISE APPLICATION FORM MOST RECENT 1 ½” X 1 ½” COLOR PHOTO PERSONAL INFORMATION In order for Goldilocks to commence processing your franchise application, you must complete the following questionnaire in its entirety and have each investor/partner fill out separate application Name (in full) (Surname) Residential Address (in full) (First Name) (Middle Name) Years of stay__________ Age Do you ( ) own home or ( ) rent or ( ) live with family / relatives Home tel. no. Office Address in full Fax No. E-mail Mobile Phone Office tel. no. Civil Status Date of Birth Fax No. Citizenship Place of Birth E-mail Tax Identification No Religion Age Middle Name) SSS No. CTC NO. Passport No. Date and Place of Issue Name of Father & Mother (Family Name First Name Father Mother Name of Spouse First Name Occupation / Business Age Middle Name) Occupation / Business (Family Name Business/Office Address Tel. No. E-mail Name(s) and age(s) of children __________________________________________________________ __________________________________________________________ __________________________________________________________ _______________ _______________ _______________ Describe any physical disability or health limitation ______________________________________________________________________________________________ __________________________...
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...reporting, internal and external audits, and regulatory compliance. Influences Riordan Manufacturing is a corporation that has several influences affecting business processes and its financial state. Most organizations are affected by economic, government, and legal influences to varying degrees. The key economic influences affecting Riordan Manufacturing are real GDP growth, inflation, labor cost, interest rates, global monetary values, and fuel prices. These economic influences have an effect on the operational cost and liabilities of Riordan Manufacturing. Tax rates, environmental regulation, customs regulations, and employment regulations are some key government influences that affect Riordan's operational cost and income taxes paid. Riordan is a multi-national corporation, the government influences of each nation Riordan operates in have different affects. The key legal influences are tax laws, environmental laws, custom laws, employment, and labor laws, and civil litigation per country that Riordan operates in. Accounting System Modules There are several accounting software modules useful to Riordan's business processes and Riordan's finance and accounting systems, each location has each of the components operating independently of each other. General Ledger Module...
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...wondered. “After all, we’re new at this. We have little experience with product introductions. I just got off the phone with Blanchard (the company president). He thinks we’ll have trouble renewing our credit line with the profits we’re projecting. The pressure’s on.” Required: 1. Should Craig follow his boss’s suggestion? 2. Does revising the warranty estimate pose an ethical dilemma? 3. Who would be affected if the suggestion is followed? c) As a second-year financial analyst for A.J. Straub Investments, you are performing an initial analysis on Fizer Pharmaceuticals. You have taken its balance sheet and have calculated a Debt to Equity ratio Fizer Pharmaceuticals ($ million) Balance Sheet (Dec.31, 2010) Assets Equity + Liabilities Plant Assets 100 Share Capital 60 Merchandise inventory 60 Retained Earnings 40 Accounts receivable 80 Notes payable 80 Cash 10 Accounts payable 70 Total 250 Total 250 As a good analyst you read carefully all disclosure notes and find out that Fizer has been designated as a potentially...
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...BURUNDI COFFEE EXPORT COMPANY By Benjamin TURIKUBWAYO Business plan April 2010 EXECUTIVE SUMMARY What is the product ? Burundi coffee is unknown at international market. This is not because coffee growers cannot produce a good quality; it is simply because the coffee produced is not processed to meet the market standards. Burundi coffee company will work with coffee growers to produce specialty coffee by using high quality standards in the processing of the coffee cherry then market it to roasters in the US and Europe. What is the market size? Statistics from the International coffee organization show that there is a decrease in the coffee export in the year 2010 compared to year 2009. “World coffee exports amounted to 7.1 million bags in February 2010, compared with 8.7 million in February 2009. Exports in the first 5 months of coffee year 2009/10 (Oct/09 to Feb/10) have decreased by nearly 11% to 35.6 million bags compared to 40 million bags in the same period in the last coffee year. In the twelve months ending February 2010, exports of Arabica totaled 59.4 million bags compared to 63.8 million bags last year; whereas Robusta exports amounted to 33.2 million bags compared to 34.4 million bags"1. This shows that there is a big demand on the market even thought the prices have been affected by the global economic downturn. BCEC will work with a Switzerland company (SCHLUTER sa) specialized in coffee export to Europe and USA market. BCEC expected production capacity...
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...different countries of the world its Pakistan branch is known as Wyeth Pakistan Limited. This is a public limited company incorporated in 1949 in Pakistan. The company is listed on the Karachi and Lahore Stock exchange. The company is engaged in manufacturing and marketing of research based ethical specialties and other pharmaceutical products. 2. History & Profile Late 18th Century In 1860, pharmacists John (1834–1907) and Frank Wyeth opened a drugstore with a small research lab on Walnut Street in Philadelphia. In 1862, on the suggestion of doctors, they began to manufacture large quantities of commonly ordered medicines. They were successful, and in 1864 they began supplying medicines and beef extract to the Union army during the Civil War. 19th Century In 1930, Wyeth purchased Anacin, a product for...
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... This training meeting will provide the employees the necessary knowledge and understanding of these key financial and accounting principles. That is associated with the financial management, accounting internal control cash management and Sarbanes-Oxley Regulations. During this training meeting agenda, the following financial and accounting principles will discuss: • Balance of the Account • Sarbanes-Oxley Act of 2002 • Cash Equivalents • Petty Cash • Voucher Background XYZ Construction Inc. performs horizontal construction work including roads, airfields, and bridges. The company’s headquarters is in Denver, Colorado and has 16 field offices located in 11 states. The workforce includes heavy and light equipment operators, civil engineers, and project managers along with an administrative staff in the headquarters facility with support staff in each of the 16 field offices. The company has 2,300-year round employees and will surge to an average of 4,500 employees during peak construction periods. Evaluating Companies use financial statements to record the past performance information on the financial activities periodically, the XYZ owners and managers will use the information on these forms to make financial decisions (Edition, Custom, 2010). The XYZ accountant will use...
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...Royal Dutch Shell Introduction and strategic profile of the firm 1. The company and the industry Royal Dutch Shell, commonly known as Shell, is a company incorporated in the United Kingdom, headquartered in the Netherlands, the Anglo-Dutch multinational oil and gas companies. Created by the merger of Royal Dutch Petroleum and UK-based Shell Transport & Trading, which is the largest company in the world. Shell's business is very extensive, including exploration and exploitation of oil and natural gas, petroleum products and chemical products marketing, coal and natural gas production, processing, marketing, power generation business, as well as renewable energy. 2. Overview of firm’s corporate, business, and international strategies Shell operates 10% of the global oil and gas resources for exploration and exploitation in more than 50 countries worldwide and operates in more than 100 countries and regions. The industry of shall is consisted by 14 segments, each operating oil, gas, chemical products, non-ferrous metals, coal and so on, where oil and fossil fuel production and sales capacity ranks second in the world. Shell invests in more than 130 countries, has more than 100,000 employees, and total assets over 100 billion dollars. Today, Shell companies business involve in many countries, more than any other oil groups. The key of Shell's international strategy is that explore gas and oil in about fifty countries, petroleum refining in 34 countries, and the oil...
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...I. Introduction History of the Company iPeople, Inc.(the Company), formerly known as Petrofields Exploration and Development Co., Inc. (Petrofields), was organized and incorporated on July 27, 1989 by Benguet Corporation to engage in petroleum and mineral exploration, development, and production. Petrofields operated as such until 1997 when the shareholders changed its name and primary purpose to that of a development and investment management company while retaining oil exploration as one of its secondary purposes. With the change of its primary purpose, iPeople’s main interests are centered on education and information technology led by Malayan Colleges, Inc. - Operating under the name Mapua Institute of Technology (MCI), Pan Pacific Computer Center, Inc. (PPCCI), and People eServe Corporation. The operations of Mapua are divided among the following companies: Malayan Colleges, Inc. (MCI) with campuses in Intramuros and Makati; Mapua Information Technology Center (MITc); Mapua Techserv, Inc. (Mapua Techserv); San Lorenzo Ruiz Institute of Health Sciences, Inc.; Malayan High School of Sciences (formerly Pandacan Properties, Inc.); and Malayan College Laguna, Inc (MCLI) led by a Mapua School of Engineering in Laguna. iPeople is a member of the Yuchengco Group of Companies ("YGC"). It is a subsidiary of House of Investments, one of the flagship companies of the YGC, with interests in construction, memorial parks, agriculture, among others. The YGC has strong presence in several...
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