Shawnequa Is a Partner of Cost Hydrohut LLP,an Accounting Limited

question 88

Essay

Shawnequa is a partner of Cost Hydrohut LLP,an accounting limited liability partnership.One of Shawnequa's partners negligently audits a client,and a bank that relied on the client's audited financial statements suffers damages when the client fails to repay the loan.The bank sues Cost Hydrohut,but its assets are insufficient to pay the entire damages.Will the bank be able to collect the remaining damages from Shawnequa's personal assets?

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Definitions:

Homology

Refers to the existence of shared ancestry between a pair of structures, or genes, in different species.

Parsimonious

Characterized by extreme or excessive economy or simplicity in approach or methodology, often in scientific theories.

Convergent Evolution

A process whereby organisms not closely related independently evolve similar traits as a result of having to adapt to similar environments or ecological niches.

Homologous

Referring to genes, chromosomes, or structures that are similar in position, structure, and evolutionary origin, but not necessarily in function.