Holmes Institute HI5026 Memo 02 – T01, 2015
Background:
Mr. Howe, a Junior Partner of the CPA firm Dewey,
Cheatem, & Howe (DCH), after noting that there is a
proposal to limit Auditor liability is very excited and has
suggested that the DCH Audit firm should take on very
risky audits because there will soon be little risk of DCH
going bankrupt or losing the right to audit.
Required:
Mr. Tu Dewie has asked you to review the web site
http://www.clmr.unsw.edu.au/article/compliance/internalrisk-management/institute-chartered-accountantsstripped-liability-cap
and briefly discuss its content and
its implications for Mr. Howe’s assertion. NB: please
remember that while Mr. Dewey is the senior partner of
DCH, Mr. Howe (as a junior partner) can hurt you if you
are not polite and considerate.
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