The Restatement of Torts Approach to the Concept of Foreseen

question 59

True/False

The restatement of torts approach to the concept of foreseen users states that any users that the auditor should have reasonably been able to foresee as being likely users of financial statements have the same rights as those with privity of contract.

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Definitions:

Adequate

Sufficient to satisfy a requirement or meet a need.

Executor

A legal term referring to an individual appointed to carry out the terms of a will.

Estate Tax

Estate Tax is a tax levied on the net value of the estate of a deceased person before it is distributed to the heirs, applied in certain jurisdictions.

Trust Fund

A trust fund is a legal arrangement in which assets are held by a trustee for the benefit of another party, often used for estate planning or to manage assets for individuals or charities.