Mary Ellen Dillon Is an Audit Partner with a Large

question 64

Multiple Choice

Mary Ellen Dillon is an audit partner with a large public accounting firm. Recently, one of her long-standing clients suddenly filed for bankruptcy protection. Mary Ellen's firm had previously issued an unqualified opinion on the client's financial statements. As a result, Mary Ellen's firm is being sued for negligence. Mary Ellen's best defense would be:

• A) To challenge standing on the part of the defendant.
• B) To cite the professional standards and maintain that the firm met the "prudent person" standard.
• C) To cite the client's responsibility for the financial statements.
• D) All of the above.

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Definitions:

Positive Identities

The aspects of an individual’s self-concept that are viewed in a positive light and contribute to the sense of self-worth.

Second-generation Immigrants

Individuals born in a country, but having at least one parent who immigrated to that country.

Social Networks

Platforms and communities where individuals interact, share content, and communicate, often through the internet.

Optimal Identity Development

Refers to the process through which individuals achieve a sense of self, purpose, and belonging, ideally in a healthy and positive manner.