If a cpa recklessly departs from the standards of due care when conducting an audit, the cpa will be liable to third parties who are unknown to the cpa based on?

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22-08-2022
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If a cpa recklessly departs from the standards of due care when conducting an audit, the cpa will be liable to third parties who are unknown to the cpa based on?

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88op 88op · Answer 1 · 2022-09-02T12:48:13+02:00

If a CPA recklessly departs from the standards of due care when conducting an audit, the CPA will be liable to third parties who exist unknown to the CPA established on Gross negligence.

What is Gross negligence?

Gross negligence is a more severe form of negligence that deviates significantly from the usual level of care. Gross negligence is described as purposeful, wanton, and reckless behaviour that negatively impacts another person's life or property and falls between the categories of intentional wrongdoing and ordinary negligence.

Gross negligence is defined as "a conscious, voluntary act or omission in reckless disregard of a legal responsibility and of the repercussions to another party" or "a lack of even the slightest diligence or care."

Hence, If a CPA recklessly departs from the standards of due care when conducting an audit, the CPA will be liable to third parties who exist unknown to the CPA established on Gross negligence.

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