What does Rule 201 mean when it calls for “due professional care”?
Answer to relevant QuestionsWhy do auditors need to be independent?What important precedent did the Ultramares decision set?What types of claims are brought under the 1933 Act?What would cause a CPA firm to immediately rule out proposing on a company’s audit, in terms of independence?Does the predecessor have to respond to the successor auditor? Why might the prior auditor not be willing or able to communicate fully with the successor auditor? Is this okay, according to professional standards?
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