Violations of Generally Accepted Accounting Principles (GAAPs) or Generally Accepted

question 45

True/False

Violations of generally accepted accounting principles (GAAPs) or generally accepted auditing standards (GAASs), or International Financial Reporting Standards (IFRSs), if applicable, are prima facie evidence of negligence in any court action.

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Definitions:

Courts

Institutions authorized to hear, adjudicate, and resolve legal disputes.

Information-Only Basis

A term that indicates information is provided without any advice, recommendation, or endorsement.

Illegal

Activities or actions that are prohibited by law and subject to penalties.

Non-Canadian Ship

A vessel that is registered under the flag of a country other than Canada, subject to the maritime laws of its flag state.