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Jason Graham, an auditor, was engaged by Financial Development Company Ltd (FDC) to audit the financial report of Pacific Pty Ltd. Jason was told when he was engaged as auditor that FDC needed a reliable financial report, which would be used to determine whether to purchase a substantial amount of Pacific's shares at the price asked by the estate of one of its shareholders. Jason did not follow the auditing standards in conducting his audit. As a result, he failed to discover a fraud involving substantial defalcations by Renae Friend, Pacific's finance director. FDC purchased the shares, but it would not have done so had the defalcations been discovered. After discovery of the fraud, FDC promptly sold the shares it had purchased at a loss of $100?000.
Required:
Problem 1: Explain the extent of Jason's liability to FDC.
Problem 2: Why do auditors have a duty of care to their clients?
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