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KLC LLP, a firm of CPA's, issued an unqualified audit report for its client, Piper Manufacturing Corporation, a footwear manufacturer in Asia. Piper Manufacturing, listed its head office in Toronto, Ontario, and its shares were traded on a Canadian Stock Exchange. Besides the shareholders, KLC LLP. knew the company was in the process of refinancing a significant bank loan coming due, and the bank was anxious to see the year end results. After an unqualified audit report was issued, the regulator of the stock exchange halted the trading of the shares after allegations of management fraud came to light. As a result, the share price plummeted and the company went out of business.
(a) To whom did KLC LLP owe a duty of care?
(b) What must the bank demonstrate to establish negligence?
(c) List and describe the defences available to KLC LLP.
The Alpha Company has issued a total of 15,000,000 shares of common stock at par(its value to the firm is $15,000,000. The dividend yield is 7%. The company also has $5,000,000 of bonds(also sold at par) with a coupon rate of 5%. The tax rate for ..
Please help me solve the following MCQ question (only 1 choice is correct, please ignore the choice already placed, it might not be correct), please also explai
What is the equivalent annual cash flow for the new oven (round to the nearest dollar, and should A purchase the new oven? Assume the cost of capital for A's is
The band's profit is 80% of the gate and concession sales, minus a fixed cost of $10,000.
In as much detail as possible, describe the benefits and challenges of replacing the current EHR with a new one and its implementation across the organization.
ByLine, Inc. just sold 800,000 shares in a public offering for an offering price of $26 per share. The underwriting fee was 8.00% of the issue's total value.
Do you think Congress was correct in repealing the comprehensive ergonomics standard? Should OSHA continue to regulate ergonomic hazards
Identify at least three risk factors inherent in estimating the amount of customer write-offs. Explain the procedural steps in which accountants or auditors would follow to identify where material misstatement of receivables.
a. What information does Gizmo require to decide among the three alternatives? b. Suppose the factory will be built in Geneva, Switzerland, rather than Toledo. How does this affect your answer in part a?
Sensitivity Analysis. Consider a three-year project with the following information: initial fixed asset investment = $645,000; straight-line depreciation.
A project has an initial cost of $43,425, expected net cash inflows of $10,000 per year for 6 years, and a cost of capital of 9%. What is the project's MIRR?
Calculate the potential profit that Agri Bank stands to make if an arbitrage opportunity is used to maximise profits. (Assume a 360-day count and round
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