SmartBrief
Confirm favorite deletion?
Accounting for Lawyers Keyed to Barrett
Bily v. Arthur Young & Co.
Citation:
11 Cal.Rptr.2d 51, 834 P.2d 745 (1992)Facts
In 1982, Arthur Young & Co. performed an audit of Osborne Computer Corporation’s financial statements and issued an unqualified opinion stating the financial statements fairly presented the company’s financial position in accordance with GAAP. The plaintiffs, including Richard Bily, were investors who purchased warrants in Osborne based in part on the audited financial statements. Shortly after the audit report was issued, Osborne experienced financial difficulties and eventually filed for bankruptcy in September 1983. The plaintiffs alleged that Arthur Young failed to conduct the audit in accordance with generally accepted auditing standards (GAAS) and that the financial statements contained material misstatements regarding Osborne’s financial condition, inventory valuation, and internal controls. The plaintiffs claimed they would not have invested in Osborne had they known its true financial condition.
Only StudyBuddy Pro offers the complete Case Brief Anatomy*
Access the most important case brief elements for optimal case understanding.
*Case Brief Anatomy includes: Brief Prologue, Complete Case Brief, Brief Epilogue
- The Brief Prologue provides necessary case brief introductory information and includes:
Topic:
Identifies the topic of law and where this case fits within your course outline.Parties:
Identifies the cast of characters involved in the case.Procedural Posture & History:
Shares the case history with how lower courts have ruled on the matter.Case Key Terms, Acts, Doctrines, etc.:
A case specific Legal Term Dictionary.Case Doctrines, Acts, Statutes, Amendments and Treatises:
Identifies and Defines Legal Authority used in this case.
- The Case Brief is the complete case summarized and authored in the traditional Law School I.R.A.C. format. The Pro case brief includes:
Brief Facts:
A Synopsis of the Facts of the case.Rule of Law:
Identifies the Legal Principle the Court used in deciding the case.Facts:
What are the factual circumstances that gave rise to the civil or criminal case? What is the relationship of the Parties that are involved in the case.Issue(s):
Lists the Questions of Law that are raised by the Facts of the case.Holding:
Shares the Court's answer to the legal questions raised in the issue.Concurring / Dissenting Opinions:
Includes valuable concurring or dissenting opinions and their key points.Reasoning and Analysis:
Identifies the chain of argument(s) which led the judges to rule as they did.
- The Brief Prologue closes the case brief with important forward-looking discussion and includes:
Policy:
Identifies the Policy if any that has been established by the case.Court Direction:
Shares where the Court went from here for this case.