Violations of GAAPs or GAASs,or IFRSs,if applicable,are prima facie evidence of negligence,although compliance does not automatically relieve the accountant of such liability.

Question

Quizplus · Accepted Answer

This statement is true. Violations of generally accepted accounting principles (GAAPs) or generally accepted auditing standards (GAASs), or International Financial Reporting Standards (IFRSs) if applicable, are seen as evidence of negligence. However, simply complying with these standards does not automatically protect an accountant or auditor from liability if they are still found to be negligent.

Violations of GAAPs or GAASs,or IFRSs,if Applicable,are Prima Facie Evidence