Is deloitte liable for breach of contract

Assignment Help Business Law and Ethics
Reference no: EM131896195

Question: Medtrans, an ambulance company, was unable to pay its bills. In need of cash, it signed an engagement letter with Deloitte & Touche to perform an audit that could be used to attract investors. Unfortunately, the audit had the opposite effect. The unaudited statements showed earnings of $1.9 million, but the accountants calculated that the company had actually lost about $500,000. While in the process of negotiating adjustments to the financials, Deloitte resigned. Some time passed before Medtrans found another auditor, and, in that interim, a potential investor withdrew its $10 million offer. Is Deloitte liable for breach of contract?

Reference no: EM131896195

Questions Cloud

Does the accountant have the right to disclose the content : The British Broadcasting Corp. (BBC) broadcast a TV program alleging that Terry Venables, a former professional soccer coach, had fraudulently obtained.
What can you do for the customer that no other firm can : Ideas that would not provide permanent jobs and/or only part-time income will be considered if it's a business you are actually considering starting.
How much total interest will kingbird pay on payment plan : Kingbird Excavating Inc. is purchasing a bulldozer. The equipment has a price of $91,400. How much total interest will Kingbird pay on this payment plan?
Prepare the appropriate adjusting entries for kingbird : Prepare the appropriate adjusting entries for Kingbird as of December 31, 2017, to reflect the application of the fair value rule for the securities described.
Is deloitte liable for breach of contract : Medtrans, an ambulance company, was unable to pay its bills. In need of cash, it signed an engagement letter with Deloitte & Touche to perform an audit.
Prepare journal entries relating to the boat : Prepare journal entries relating to the boat using the cost model from 1 April 2011 to 31 March 2015 (4 financial years)
Are the kraft advertisements deceptive and why : Process cheese food slices must contain at least 51 percent natural cheese. Imitation cheese slices, by contrast, contain little or no natural cheese
How many led light assemblies should be ordered : According to the EOQ formula on page 107 how many LED light assemblies should be ordered at a time during the slow season?
Has collections violated the law : Josephine Rutyna was a 60-year-old widow who suffered from high blood pressure and epilepsy. A bill collector from Collections Accounts Terminal, Inc.

Reviews

Write a Review

Business Law and Ethics Questions & Answers

  You have decided to speak with the prosecutor mary on

you have decided to speak with the prosecutor mary on behalf of maureen the college student who was the victim of

  Is restorative justice truly victim-centred discuss

Restorative justice Proponents of restorative justice argue for the introduction of restorative justice measures in the modern criminal justice system on the grounds that it is victim-centred. However, is restorative justice truly victim-centred? ..

  What does the word whistleblower mean

What do you think are some of the factors in the modern workplace that contribute to a theft of time? How can those factors be managed? What does the word Whistleblower mean

  Explain role of media in ensuring company behave responsibly

The "Narrow View" and the "Broad View" of Corporate Social Responsibility and the role of the media (and increasingly social media) in ensuring companies behave responsibly.

  How does social disorganization relate to organized crime

How does social disorganization relate to organized crime and its evolution? How well does social disorganization meet the criteria for organized crime and its various relationships? Why? Explain your answer

  How sexual and physical violence pertains to prison life

Discuss the principles of good prison leadership. What does it mean and were did it come from? Discuss how sexual and physical violence pertains to prison life

  Why will the nature and design of the research report vary

why will the nature and design of the research report vary with the audience and purpose?what are the various steps or

  Contract that is written in complicated legal language

Obtain a copy of a written contract that is available in Australia from the net or another source. For example you could download one of the many online contracts you are asked to agree to before accessing a site or entering an online contract.

  Why is ambush marketing so harmful to a sports

1. Why is ambush marketing so harmful to a sports organization? Please provide an example of ambush marketing as well.YOUR RESPONSE MUST BE AT LEAST 350 WORDS MINIMUM.

  Apply the pro-active law framework on given case

Instructions for Law Assignment- Apply the "Pro-active Law Framework" outlined in class and detailed in the readings to the case, "The Shakedown"

  What is the parol evidence rule

What is the parol evidence rule? When will a court allow parol evidence? What is the statute of frauds? When does it apply? Why is it important? Research your state's statute of frauds

  Why would a police department want to reduce fear\

Write a 2 page paper. Address the following in your paper: Explain which of the fear-reduction strategies do you believe is most effective? Discuss why would a police department want to reduce fear of crime rather than crime itself

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd