Answer the following statements true (T) or false (F)
1. Many users of audit reports expect auditors to detect fraud, theft, and illegal acts, and to
report them publicly.
2. Legal liabilities of professional accountants arise only from lawsuits brought on the basis
of the law of contracts.
3. The auditor has a duty of care to a company that hires the auditor and has a contract with
him or her under privity of contract.
4. Auditors need not be concerned about statutory law liability.
1. TRUE
2. FALSE
3. TRUE
4. FALSE
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Develop your presentation according to the standards of effective ____________________
a. design and delivery b. communication and response c. business and persuasion d. sales and research
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