Bugle Corp. approved a plan of merger with Stanley Corp. One of the determining factors in approving the merger was the strong financial statements of Stanley which were audited by Dennis & Co., CPAs. Bugle had engaged Dennis to audit Stanley's financial statements. While performing the audit, Dennis failed to discover certain instances of fraud which have subsequently caused Bugle to suffer substantial losses. In order for Dennis to be liable under common law, Bugle, at a minimum, must prove that Dennis:
Failed to exercise due care.
Acted recklessly or with lack of reasonable grounds for belief.
Was grossly negligent.
Knew of the instances of fraud.
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Bugle Corp. approved a plan of merger with Stanley Corp. One of the determining factors in approving...
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