Failing to deliver an audit report on time could entitle a client damages under what doctrine?
What is Breach of contract
100
Name the mastermind behind Investors Overseas Services’ Fund of funds?
Who is Bernie Cornfield
100
Name Dr. Fix It who was responsible for the massive fraud at MiniScribe.
Who is Quentin Thomas Wiles?
100
Because public accounting firms were operating as this type of business, each partner was personally liable for his/her firm's debts.
What is a General Partnership?
100
What made Fund of Funds attractive to investors?
What is Extensive diversification
200
Failing to discover employee embezzlement that normal audit procedures should detect is considered?
What is Negligence
200
At its peak, IOS transactions comprised what percentage of NYSE’s daily trading volume?
What is 5%
200
Name one way that MiniScribe's 86, 87, and 88 profits were overstated/understated.
What is overstated sales revenues, understated reserves, or overstated inventory?
200
Ernst & Young's lawyers cited the decision made in "Central Bank of Denver v. First Interstate Bank of Denver" when defending claims filed by investors of this infamous carpet cleaning company.
What is ZZZZ Best?
200
Name the lawyer that helped Pennzoil win a $10.3 billion judgement against Texaco.
Who is Joe Jamail?
300
What concept states that a contract does not confer rights or impose obligations on any person except the contracting parties?
What is Privity of contract
300
How many of King Resources investment recommendations where rejected by IOS?
What is 0
300
Name computer program that generated fictitious inventory numbers.
What is Cook Book?
300
This plan, created by Newt Gingrich in 1994, promised that newly elected House Republicans would cap punitive damages and require losers of civil lawsuits to reimburse the winner's legal expenses.
What is the "Contract with America?"
300
Name two factors that led to a rise in lawsuits against accountants in the 1970’s?
What is Contingency fees or Class-action lawsuits.
400
What was a crucial change to the 1934 Securities and exchange act?
What is Burden of proof
400
How was the Natural Resource Proprietary Account (NPRA) used to manipulate Net Asset Value (NAV)?
King arranged for the partial purchase of NPRA investments at inflated prices.
400
Name Auditor that issued a clean audit opinion certifying MiniScribe had earned $22.7 million.
Who is Jack Grace?
400
The "Private Securities Litigation Reform Act..." was passed in this year.
What is 1995?
400
Audit failures at these two clients cost Arthur Andersen $185 million in lawsuits.
What are Sunbeam and Waste Management?
500
In 1983 Citizens State Bank VS Timm Schmidt & co built on the 1965 restatement of torts in what way?
What is Privity of contract is given to all parties whom the auditor should reasonably foresee as recipients of audited financial statements.
500
Why was Anderson’s defense of confidentially rejected?
King Resource routinely provided audit evidence in the NRPA audit and Anderson maintained both clients.
500
Name MiniScribe's CFO who admitted to packaging bricks in disk drive containers.
Who is Patrick Schleibaum?
500
Executives of the Big Six accounting firms wrote a white paper that called for the end of this type of liability for auditors and for the use of proportionate liability instead.
What is joint and several liability?
500
Name lawyer who represented auditors in MiniScribe case.