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ACT 451: Auditing Spring 2007
Problem 5-21 February 5, 2007
The CPA firm of Sparks, Watts, and Wilcox has a responsibility under common law to fulfill implied or expressed contracts with clients. Liability occurs if the accountant fails to perform as agreed under contract. The CPA is not, however, an insurer of financial statements, and thus does not provide a guarantee against losses and irregularities.
The "normal" audit is not intended to uncover fraud, shortages, defalcations, or irregularities in general, but it is meant to provide audit evidence to express an opinion of fairness of the financial statements. The CPA is normally not liable for failure to detect fraud, irregularities, etc. unless the "normal" audit would have detected it or if the accountant, by agreement, has undertaken greater responsibility such as defalcation audit.
In this example situation, Sparks, Watts, and Wilcox are not liable to their clients for......
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Title: Accounting Chapter 5, Problem 21
Approximate Word Count: 456
Approximate Pages: 2 (250 words per double-spaced page)
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Accounting Chapter 5, Problem 21
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