NYCPA ref | Clipmarks


	NYCPA ref

sachin161

7-19-2008 12:53 PM

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/bb365d4f-d380-4c15-98bc-e23b58fbd342/F092FD29-904A-4CBA-A05F-5501E3C849C7/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.nysscpa.org/cpajournal/old/08033856.htm" href="http://www.nysscpa.org/cpajournal/old/08033856.htm" style="font-size: 11px;">www.nysscpa.org</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nysscpa.org/cpajournal/old/08033856.htm"><UL><FONT face="Arial, Helvetica" size="+1"><B>Abstract-</B></FONT><FONT face="Arial, Helvetica" size="-1"> Accountants are liable for violations of federal law if they have     actual knowledge of a client's securities fraud and aid the           client in perpetuating fraud. Accountants who learn of actions        that can be interpreted as fraud can avoid liability by:              refraining from actions that can be interpreted as abetting the       fraud, and refusing further service to the client. Recent case        law has held that recklessness can satisfy the scienter or            criminal intent requirement necessary to establish liability. An      accountant who unwittingly provides service to a client               committing a fraud may be liable if the accountant's performance      of service is reckless, and the accountant's opinion will be          relied upon by third parties. Conscientious attempts to adhere to     accounting standards during an audit can usually protect an           accountant unaware of fraud from aider-abetter liability.</FONT></UL></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/F092FD29-904A-4CBA-A05F-5501E3C849C7/blog/" title="blog or email this clip"><img src="http://content9.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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