Explain Section 552 of the Restatement (Second) of Torts
What will be an ideal response?
Section 552 of the Restatement (Second) of Torts provides a broader standard for holding accountants liable to third parties for negligence than the Ultramares doctrine. Under this standard, an accountant is liable for his or her negligence to any member of a limited class of intended users for whose benefit the accountant has been employed to prepare the client's financial statements or to whom the accountant knows the client will supply copies of the financial statements. In other words, the accountant does not have to know the specific name of the third party. Many states have adopted this standard.
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When the Affordable Care Act is fully implemented, 100 percent of Americans will have health care insurance
Indicate whether this statement is true or false.
Insurance regulations require legal reserves and surplus because:
A) assets have to equal liabilities plus owners' equity B) reserves are long-term obligations and must be met with long-term assets C) they provide a cushion against bad underwriting and investment results D) insurers must pre-fund all agent's commissions and underwriting expenses
______________________________ costs are associate with but not directly attributable to the system or the system change.
Fill in the blank(s) with the appropriate word(s).
It is illegal for sellers to exaggerate the merits of their products during their sales pitch
a. True b. False Indicate whether the statement is true or false