Answer: Ultramares corporation v. Touche established Ultramares doctrine. Hochfelder v. Ernst & Ernst ruled that scienter is required before CPAs can be held liable.
Explanation:
All the options except the above are true. Ultramares corporation v. Touche did establish the Ultramares doctrine.
United States v. Natelli sentenced two CPAs to prison for a year, in addition to fines, for violating the Securities Exchange Act of 1934.
Bily v. Arthur Young did not uphold the restatement doctrine. The restatement doctrine restatement doctrine makes an auditor liable to people who rely on the quality of his work be they his clients or third parties. Two high courts ruled that auditors are not liable to third parties who use their work but only to the party that contracted their work.
However, Hochfelder v. Ernst & Ernst ruled that an allegation of scienter (an intention to deceive) is not required before CPAs can be held liable as long as the actions constitute actual deception.
While rule 10b-5 of the Exchange Act states the presence of scienter as a requirement to commit an offense, the court ruled against the statute by eliminating the Scienter clause from criminal statute and ruled against Ernst & Ernst.
Answer: C
Explanation: they do not always generate immediate financial gains to the organization. It take a while for it to have that awareness needed to grow the company.
Whereas previous Chief Justices of the Supreme Court (John Jay, John Rutledge, and Oliver Ellsworth) left little real mark behind in there tenures, Marshall established several principles essential to the modern Supreme Court.
Most essential, in the <em>Marbury v Madison </em>case, his court established that the Supreme Court had the authority to overrule both laws of Congress, and the states, as well as executive acts if the court rules them to be in direct violation of the Constitution.
Believe it or not, Judicial Review was not originally initially in the constitution as defined above, and Marshall's court established it as a power in the Judical branch.
Answer:
Gain from trade
Explanation:
A situation whereby a country can consume more than it can produce as a result of specialization and trade is referred to as GAIN FROM TRADE.
The above situation usually occurs when countries produce a surplus of the commodity in which they possess specialization and then trade it for another surplus commodity of another country, thereby making them consume more than they can produce due to occupation and exchange.
Hence, in this case, the answer is GAIN FROM TRADE.
