Johnson bank v george korbakes

We are the number 1 most trusted academic services website. Placing an order is very easy, you can place your order using the form below in 2 minuets only. College essay writing service Question description Read Case Using the IRAC Method of briefing cases found below, and prepare a document that outlines the legal aspects of this case.

Johnson bank v george korbakes

George Korbaken Company Johnson Bank v. George Korbakes Company Over the last several years, the role of the auditor has been continually evolving. This is because financial institutions are relying on the information they are provided with to help them make better choices in the long-term.

However, there are times when these firms may not have accurate figures and erroneously report their findings.

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When this happens, there is a possibility of these facts leading to incorrect decisions. George Korbakes Company is examining these factors and the long-term impacts they will have on various stakeholders.

To determine if the auditor is responsible for the claims they make requires carefully examining the effects. Together, these elements will show the responsibility of auditors in the process. Inside the report, they misstated a number of areas about the financial condition of the firm.

Johnson bank v george korbakes

The most notable include: Johnson Bank claims any GKCO violated their fiduciary responsibility by not outlining or disclosing what was really happening at Brandon Apparel. This fooled executives, into thinking that the company was more fiscally sound than it really was. In a few months, the company was forced into bankruptcy and the financial institution took significant losses on these loans.

In light of these circumstances, Johnson Banks sued GKCO for failing to provide them with information that was factually accurate.

They claimed that this is a violation of their fiduciary responsibility as an independent auditor. This occurred in the form of tort negligence on GKCO part. However, Johnson Bank appealed the decision, claiming that they had a legal responsibility based upon a single letter that was created for them.

This is because executives used it as a part of their analysis in making their decision. However, it was not the only factor that mattered and if they felt that Brandon Apparel was such a risk.

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They could have turned down the request for the loan and began seizing the assets of the company before it became insolvent. Evidence of this can be seen with the judge saying, "The bank imputes to GKCO a duty to advise it whether lending more money to this faltering firm throwing good money after bad, as the saying goes would make commercial sense.

But an auditor's duty is not to give business advice; it is merely to paint an accurate picture of the audited firm's financial condition, insofar as that condition is revealed by the company's books and inventory and other sources of an auditor's opinion.

An auditor who fulfills that duty, or fails but manages not to mislead the intended readers of the audit report, has no tort liability. Instead, they were providing an opinion based upon the available financial information provided by Brandon Apparel. The fact that bank made the loan, is a sign of how executives had a responsibility to look at other sources of information in determining the financial condition of the firm.Johnson Bank v.

George Korbaken Company Johnson Bank v. George Korbakes Company Over the last several years, the role of the auditor has been continually evolving.

This is because financial institutions are relying on the information they are provided . Johnson Bank, Plaintiff-appellant, v. George Korbakes & Co., Llp, Defendant-appellee, F.3d (7th Cir. ) case opinion from the US Court of Appeals for the Seventh Circuit.

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JOHNSON BANK v. GEORGE KORBAKES | 7th Cir. | Judgment | Law | CaseMine

Welcome to Homework Nerds Order Page. We are the number 1 most trusted academic services website. Johnson Bank v. George Korbakes & Company, LLP of Tort because GKCO was unaware of Brandon’s intention to use the financial reports to obtain a loan from Johnson Bank.

Johnson Bank V George Korbaken Company Johnson Essay - Words

State of Florida v. George Zimmerman Abstract Our group chose to do the highly debatable case regarding George Zimmerman and Trayvon Martin. Based on the various parts. Brandon began borrowing money from Johnson Bank in and by the end of April owed the bank $10 million — and wanted more, and the bank lent it more, which the bank lost along with the $10 million when Brandon went broke the next year.

Brandon began borrowing money from Johnson Bank in and by the end of April owed the bank $10 million-and wanted more, and the bank lent it more, which the bank lost along with the $10 million when Brandon went broke the next year.

F3d Johnson Bank v. George Korbakes & Co Llp | OpenJurist