Professionals’ liability Business Case 47-5 brief
Business Finance
Assignment Instructions
Analyze Business Case 47-5, “Professional’s Liability,” located below. Prepare a professional-caliber brief on the case, based on the case information provided.
Case:
47–5. Professional’s Liability. Soon after Teresa DeYoung’s husband died, her mother-in-law also died, leaving an inheri- tance of more than $400,000 for DeYoung’s children. DeYoung hired John Ruggerio, an attorney, to ensure that her children would receive it. Ruggerio advised her to invest the funds in his real estate business. She declined. A few months later, $300,000 of the inheritance was sent to Ruggerio. Without telling DeYoung, he deposited the $300,000 in his account and began to use the funds in his real estate business. Nine months later, $109,000 of the inheritance was sent to Ruggerio. He paid this to DeYoung. She asked about the remaining amount. Ruggerio lied to hide his theft. Unable to access these funds, DeYoung’s children changed their college plans to attend less expensive institutions. Nearly three years later, DeYoung learned the truth. Can she bring a suit against Ruggerio? If so, on what ground? If not, why not? Did Ruggerio violate any standard of professional ethics? Discuss. [DeYoung v. Ruggerio, 185 Vt. 267, 971 A.2d 627 (2009)] (See Potential Liability to Clien
To support your brief:
- Locate the American Institute of Certified Public Accountants (AICPA) Code of Professional Conduct.
- Explain the ethical standards CPAs are expected to follow, and cite relevant sections of the code.
Based on the case information provided:
- State the facts of the case and the key issues.
- Determine whether professional practice in this instance violates standards of professional ethics, and, if so, whether the CPA may be liable. Explain your reasoning.
- Apply the relevant standards of AICPA Code of Professional Conduct in your decision, and explain your rationale.
- Cite the relevant sections of the code, as well as the URL.
- Express your main points, arguments, concepts, and information coherently and logically.
Additional Requirements
- Cover page: Include your name, the assignment number, and the assignment or case title.
- Length: 1–2 double-spaced pages, not including the cover page.
- Font and font size: Times New Roman, 12-point.
- APA formatting: Format resources and citations according to current APA guidelines.
