Exam 6: Legal and Regulatory Obligations in an Ethical Framework

A key consideration in deciding whether the shareholders in the Countrywide Corporation case would be successful in their lawsuit against members of the board of directors was application of:

(Multiple Choice)

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Question 21

What argument can be made that Sarbanes-Oxley may not be effective in reducing fraud?

(Multiple Choice)

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Question 22

Distinguish between an auditor's legal liability under common law and statutory law.Cite specific cases to support your Answer.

(Essay)

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Question 23

Do you think there can ever be enough laws on the books to reduce or eliminate unethical actions that have lead to the many lawsuits discussed in the chapter? Why or why not?

(Essay)

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Question 24

Which of the provisions of the Sarbanes Oxley Act do you think is the most important? Why did you choose that particular provision?

(Essay)

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Question 25

Section 801 of the Sarbanes-Oxley Act makes it a crime to:

(Multiple Choice)

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Question 26

When courts find accountants liable for constructive fraud, the implication is that

(Multiple Choice)

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Question 27

The legal precedent that evolves from legal opinions issued by judges in deciding a case and guides judges in deciding similar cases in the future is referred to as:

(Multiple Choice)

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Question 28

Negligent nonfeasance would be said to occur when

(Multiple Choice)

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Question 29

What is a worrisome consequence under the joint and several liability principles?

(Multiple Choice)

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Question 30

Which Act requires firms who engaged in international operations to have internal controls and an audit committee?

(Multiple Choice)

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Question 31

Regarding criminal sentences for illegal business conduct, the recommended sentence range depends primarily upon

(Multiple Choice)

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Question 32

The Foreign Corrupt Practices Act (FCPA) forbids which kind of bribery:

(Multiple Choice)

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Question 33

The Securities Act of 1933

(Multiple Choice)

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Question 34

In the case of SEC v.Halliburton & KBR, the commission charged Halliburton & KBR with:

(Multiple Choice)

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Question 35

The SEC v.Zurich Financial Services case dealt with:

(Multiple Choice)

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Question 36

The Private Securities Litigation Reform Act of 1995 changed the legal climate in the U.S.in a major way.Explain the nature of the changes under the PSLRA with respect to legal liability.Do you believe this act adequately protects shareholders and other third parties that might bring a lawsuit actions auditor and other defendants? Why or why not?

(Essay)

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Question 37

The executives of McKesson and Robbins Pharmaceuticals were able to steal around $2.9 million in 1939 because

(Multiple Choice)

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Question 38

The Restatement (Second) of Torts Approach

(Multiple Choice)

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Question 39

All of the following proof can be used in an auditor's defense against third party lawsuits for fraud except for:

(Multiple Choice)

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Question 40

Showing 21 - 40 of 73

A key consideration in deciding whether the shareholders in the Countrywide Corporation case would be successful in their lawsuit against members of the board of directors was application of:

What argument can be made that Sarbanes-Oxley may not be effective in reducing fraud?

Distinguish between an auditor's legal liability under common law and statutory law.Cite specific cases to support your Answer.

Do you think there can ever be enough laws on the books to reduce or eliminate unethical actions that have lead to the many lawsuits discussed in the chapter? Why or why not?

Which of the provisions of the Sarbanes Oxley Act do you think is the most important? Why did you choose that particular provision?

Section 801 of the Sarbanes-Oxley Act makes it a crime to:

When courts find accountants liable for constructive fraud, the implication is that

The legal precedent that evolves from legal opinions issued by judges in deciding a case and guides judges in deciding similar cases in the future is referred to as:

Negligent nonfeasance would be said to occur when

What is a worrisome consequence under the joint and several liability principles?

Which Act requires firms who engaged in international operations to have internal controls and an audit committee?

Regarding criminal sentences for illegal business conduct, the recommended sentence range depends primarily upon

The Foreign Corrupt Practices Act (FCPA) forbids which kind of bribery:

The Securities Act of 1933

In the case of SEC v.Halliburton & KBR, the commission charged Halliburton & KBR with:

The SEC v.Zurich Financial Services case dealt with:

The executives of McKesson and Robbins Pharmaceuticals were able to steal around $2.9 million in 1939 because

The Restatement (Second) of Torts Approach

All of the following proof can be used in an auditor's defense against third party lawsuits for fraud except for:

Ethical Reasoning Implications for Accounting

Accountants Ethical Decision Process and Professional Judgment

Corporate Governance and Ethical Management

Aicpa Code of Professional Conduct

Audit Responsibilities and Accounting Fraud

Earnings Management and the Quality of Financial Reporting

International Financial Reporting: Ethics and Corporate Governance Considerations

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