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The Implications Of Alternative Litigation Cost Allocation Systems For The Value Of Audits
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Book Synopsis The Implications of Alternative Litigation Cost Allocation Systems for the Value of Audits by : Ping Zhang
Download or read book The Implications of Alternative Litigation Cost Allocation Systems for the Value of Audits written by Ping Zhang and published by . This book was released on 1997 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: When an auditor's effort is not observable, auditor liability becomes an important mechanism for motivating the auditor to exert an appropriate level of audit effort. However, while the presence of legal liability helps to preserve the value of an audit to investors, some aspects of the liability system may motivate sub-optimal behaviour and perhaps, ultimately, detract from investors' welfare. This paper seeks to contribute to the analysis of litigation- related issues by examining the effects of alternative legal cost allocation systems--the so-called American versus British rules--on the value of audits. Using a game theoretic model, the paper characterizes investors' and an auditor's equilibrium strategies in pre- trial negotiation and the auditor's effort decisions. The paper finds that the American system (where the parties pay their own litigation costs) provides a higher audit value than the British system (where the loser of a case pays the winner's litigation costs) while the auditor's total expected costs are higher in the American system than in the British system.
Book Synopsis The Economic Consequences of Alternative Auditor Liability and Legal Cost Allocation Rules by : Derek Chan
Download or read book The Economic Consequences of Alternative Auditor Liability and Legal Cost Allocation Rules written by Derek Chan and published by . This book was released on 2000 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Eliminating joint and several liability and the American legal cost allocation rule have been singled out to be the two most needed legal reforms by the major accounting firms. Some remedies have been proposed by the accounting profession and the legal community. This paper develops a model to analyze economic consequences of alternative legal environments facing public accountants. In particular, our model shows the essential effects of possible features such as proportionate liability and legal fee shifting on audit effort, litigation frequency, and social welfare. The analysis identifies conditions under which replacing joint and several liability with proportionate liability, and/or a requirement that the loser at the trial pays the winners' legal costs would lead to a lower audit effort as well as a lower litigation frequency. The decreased audit effort and decreased litigation frequency have counterbalancing effects on social welfare, and hence, making the social effect of a change of liability rule and/or legal cost allocation rule very difficult to determine. The key point that the analysis reveals is that a comparison of liability regimes cannot be limited to the investigation of the audit effort (quality) that those regimes induce. The comparison must also include the incentive to bring suit, and associated costs and benefits of changes in audit effort and litigation frequency. Without fully understanding how a particular legal system would affect the real costs and benefits of audits, it is difficult to determine whether a legal system that induces more extensive or intensive auditing is desirable or not.
Book Synopsis The Auditor's Objectivity Under a Negligence Liability System by : Ping Zhang
Download or read book The Auditor's Objectivity Under a Negligence Liability System written by Ping Zhang and published by . This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: When an auditor's effort is not observable, auditor liability becomes an important mechanism for motivating the auditor to exert an appropriate level of audit effort. However, while the presence of legal liability helps to preserve the value of an audit to investors, some aspects of the liability system may motivate sub-optimal behaviour and perhaps, ultimately, detract from investors' welfare. This paper seeks to contribute to the analysis of litigation-related issues by examining the effects of alternative legal cost allocation systems - the so-called American versus British rules, on the value of audits. Using a game theoretic model, the paper characterizes investors and an auditor's equilibrium strategies in pre-trial negotiation and the auditor's effort decisions. The paper finds that the American system (where the parties pay their own litigation costs) provides a higher audit value than the British system (where the loser of a case pays the winner's litigation cost) while the auditor's total expected costs are higher in the American system than in the British system.
Download or read book Bond Law Review written by and published by . This book was released on 1999 with total page 732 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :Suil Pae Publisher :National Library of Canada = Bibliothèque nationale du Canada ISBN 13 : Total Pages :154 pages Book Rating :4.F/5 ( download)
Book Synopsis Firm Value, Audit Quality, and Social Welfare in the Presence of Costly Litigation Against Auditors by : Suil Pae
Download or read book Firm Value, Audit Quality, and Social Welfare in the Presence of Costly Litigation Against Auditors written by Suil Pae and published by National Library of Canada = Bibliothèque nationale du Canada. This book was released on 1996 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Journal of Accounting & Economics by :
Download or read book Journal of Accounting & Economics written by and published by . This book was released on 1997 with total page 932 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Effects of Legal Cost Allocation Rules and Auditors' Reputations for Settling on Non-meritorious Suits Against Auditors by : C. Bryan Cloyd
Download or read book The Effects of Legal Cost Allocation Rules and Auditors' Reputations for Settling on Non-meritorious Suits Against Auditors written by C. Bryan Cloyd and published by . This book was released on 1994 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Economic Analysis of Accident Law by : Steven Shavell
Download or read book Economic Analysis of Accident Law written by Steven Shavell and published by Harvard University Press. This book was released on 2007-03-31 with total page 327 pages. Available in PDF, EPUB and Kindle. Book excerpt: Accident law, if properly designed, is capable of reducing the incidence of mishaps by making people act more cautiously. Since the 1960s, a group of legal scholars and economists have focused on identifying the effects of accident law on people's behavior. Steven Shavell’s book is the definitive synthesis of research to date in this new field.
Author :American Bar Association. House of Delegates Publisher :American Bar Association ISBN 13 :9781590318737 Total Pages :216 pages Book Rating :4.3/5 (187 download)
Book Synopsis Model Rules of Professional Conduct by : American Bar Association. House of Delegates
Download or read book Model Rules of Professional Conduct written by American Bar Association. House of Delegates and published by American Bar Association. This book was released on 2007 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Model Rules of Professional Conduct provides an up-to-date resource for information on legal ethics. Federal, state and local courts in all jurisdictions look to the Rules for guidance in solving lawyer malpractice cases, disciplinary actions, disqualification issues, sanctions questions and much more. In this volume, black-letter Rules of Professional Conduct are followed by numbered Comments that explain each Rule's purpose and provide suggestions for its practical application. The Rules will help you identify proper conduct in a variety of given situations, review those instances where discretionary action is possible, and define the nature of the relationship between you and your clients, colleagues and the courts.
Book Synopsis Audits of Property and Liability Insurance Companies by :
Download or read book Audits of Property and Liability Insurance Companies written by and published by . This book was released on 2000 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Business Periodicals Index written by and published by . This book was released on 1998 with total page 1944 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis University of Michigan Official Publication by : University of Michigan
Download or read book University of Michigan Official Publication written by University of Michigan and published by UM Libraries. This book was released on 1974 with total page 686 pages. Available in PDF, EPUB and Kindle. Book excerpt: Each number is the catalogue of a specific school or college of the University.
Book Synopsis The Volatility of Short-term Interest Rates by : Clark Leavitt
Download or read book The Volatility of Short-term Interest Rates written by Clark Leavitt and published by . This book was released on 1987 with total page 418 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Pricing and Cost Accounting by : Darrell J. Oyer CPA
Download or read book Pricing and Cost Accounting written by Darrell J. Oyer CPA and published by Berrett-Koehler Publishers. This book was released on 2011-04-01 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: The essential reference to help federal contractors negotiate and maintain profitable contracts—Now in its third edition! This is the essential reference to help federal contractors negotiate and maintain profitable contracts—and remain in compliance throughout the life of the contract. Government contracting rules and regulations have changed significantly over the past six years. This new third edition addresses these changes and more: New thresholds for certification of cost and pricing data Revisions in cost accounting standards Implementation of commercial time-and-material and labor-hour contracts New, stringent ethics requirements Impact of stimulus funding Revised cost principles, including excessive pass-through costs, post-retirement benefits, and travel costs Redirected audit initiatives based on the GAO review of DCAA Plus…changed requirements for bidding…pricing…cost accounting…subcontracting…contract modification…all the information you need to be in compliance with the new rules. No other single book provides as much up-to-date federal procurement cost and pricing information in such a concise - yet comprehensive - format.
Book Synopsis Cost Principles for Educational Institutions by : United States. Office of Management and Budget
Download or read book Cost Principles for Educational Institutions written by United States. Office of Management and Budget and published by . This book was released on 1979 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Wiley CIA Exam Review 2013, Internal Audit Knowledge Elements by : S. Rao Vallabhaneni
Download or read book Wiley CIA Exam Review 2013, Internal Audit Knowledge Elements written by S. Rao Vallabhaneni and published by John Wiley & Sons. This book was released on 2013-02-12 with total page 1102 pages. Available in PDF, EPUB and Kindle. Book excerpt: The most comprehensive Certified Internal Auditor Exam preparation guide available One exam, three volumes of preparation. Here is the best source to help you prepare for the Certified Internal Auditor (CIA) exam covering the new syllabus, effective 2013. Wiley CIA Exam Review, Volume 3: Business Analysis and Information Technology addresses topics such as governance and business ethics; risk management; organizational structure, business processes, and risks; communication; management and leadership principles; information technology and business continuity; financial management; and global business environment. Includes fully developed theories and concepts, as opposed to superficial outlines found in other study guides Offers indicators that help candidates allot study time based on the weight given to each topic on the exam Indicates the level of difficulty expected for each topic on the exam as either "Awareness" or "Proficiency" so more time and effort can be assigned for the proficiency topics than for the awareness topics Presents highly comprehensive coverage of theory with glossary of technical terms Every volume in the Wiley CIA Exam Review series offers a successful learning system of visual aids and memorization techniques that enable certification candidates to form long-lasting impressions of covered material.
Book Synopsis The Auditor's Companion by : David J. O'Regan
Download or read book The Auditor's Companion written by David J. O'Regan and published by Georgetown University Press. This book was released on 2024-06-03 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: The only comprehensive and up-to-date dictionary covering the concepts and language of auditing The Auditor's Companion combines succinct definitions of core auditing terminology with more than one hundred expansive discussions of concepts important to auditing, such as the audit society, authority, judgment, logic in auditing, the postulates of auditing, and skepticism. This collection of mini-essays includes theoretical explanations and insights, sketches of arguments, historical developments, and guidance for further reading. Transcending the framework of a dictionary, The Auditor’s Companion is a reference book in which succinct definitions and conceptual explorations combine into a coherent whole to satisfy the needs of both novice and experienced auditors. The terminology of auditing covers both the evolving, socially constructed aspects of auditing's purposes, as well as auditing's methodological basis in the abstract, enduring techniques of traditional logic. The book's coverage of terminology therefore embraces auditing’s constantly developing socioeconomic roles in addition to its perennial methodologies of reasoning. The Auditor’s Companion is the only reference tool that addresses the underlying characteristics shared by all categories of auditing.
