Intercorporate acquisitions and investments in other entities -- Reporting intercorporate investments and consolidation of wholly owned subsidiaries with no differential -- The reporting entity and the consolidation of less-than -wholly-owned subsidiaries with no differential -- Consolidation of...

The Phar Mor case involved a massive collusive fraud by management. Although there were no claims the auditors participated in the fraud, plaintiffs' attorneys were able to convince the jury that the firm was liable for fraud on the grounds it made representations recklessly with regard to GAAS...