Alpha Geek

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    Polytechnic State University Sanluis
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Category > Accounting Posted 14 May 2017 My Price 5.00

A client applied for a bank loan from First Bank. In connection

4-42     LO 3 A client applied for a bank loan from First Bank. In connec-

tion with the loan application, the client engaged an auditor to audit its financial statements, and the auditor issued an unqualified opinion. On the basis of those statements, First Bank loaned money to the client. Shortly thereafter, the client filed for bankruptcy, and First Bank sued the auditor for damages. The audit documentation showed negligence and possible other misconduct in performing the audit.

a.       Under what circumstances is First Bank an identified user?

b.       What exceptions to the identified user test might First Bank argue?

Answers

Alpha Geek
(8)
Status NEW Posted 14 May 2017 05:05 PM My Price 5.00

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Attachments

file 1494783452-Answer.docx preview (153 words )
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