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An example of the practical effect of the Golsen rule is that if the Tax Court is hearing a case in Dallas, Texas, the Tax Court would follow the precedent of the United States Court of Appeals for the Fifth Circuit (which consists of Texas, Louisiana and Mississippi). By contrast, if the Tax Court is hearing a case in Miami, Florida, the Tax ...
Arthur Andersen LLP v. United States, 544 U.S. 696 (2005), was a United States Supreme Court case in which the Court unanimously overturned accounting firm Arthur Andersen's conviction of obstruction of justice in the fraudulent activities and subsequent collapse of Enron.
Precedent is a judicial decision that serves as an authority for courts when deciding subsequent identical or similar cases. [1] [2] [3] Fundamental to common law legal systems, precedent operates under the principle of stare decisis ("to stand by things decided"), where past judicial decisions serve as case law to guide future rulings, thus promoting consistency and predictability.
These past decisions are called "case law", or precedent. Stare decisis —a Latin phrase meaning "let the decision stand"—is the principle by which judges are bound to such past decisions, drawing on established judicial authority to formulate their positions.
When the borrower defaulted on the loan, Esanda turned to the auditors to recover claiming it had acted on reliance of audited accounts which breached mandatory accounting standards in relation to preparing the accounts and but for this breach of duty by Peat Marwick Hungerford. Central to this argument was that Esanda had suffered a loss which ...
Due to the risk of liability, CPAs and accounting firms may carry professional liability insurance to provide some protection from legal claims and lawsuits, although some firms choose to self-insure. [4] Concerns about high damage awards and insurance costs have led to proposals to limit liability for public accounting firms. [5]
The answer, broadly, is that it wasn’t. Partisanship, bias, and giving in to every idiotic voguish political mandate that a Bryn Mawr sociology student could dream up did more harm than good.
Price Waterhouse v. Hopkins, 490 U.S. 228 (1989), was a landmark decision of the US Supreme Court on the issues of prescriptive sex discrimination and employer liability for sex discrimination. The employee, Ann Hopkins, sued her former employer, the accounting firm Price Waterhouse. She argued that the firm denied her partnership because she ...