intercontinental metals corp imc 1

This is an assignment that offers an extra credit opportunity for those who think they might need a few extra points. I am listing this as worth 10 points but that will be the exception – most will receive about 5 points for a decent writing sample but there may be some who do such an outstanding job that I will give them a full 10 points. That almost never happens!

Still, if you think you’re going to be on the fence, give this a shot. If you are REALLY concerned about your grade, take some time to put some real thought and effort into your writing and do your best to be sure that you write your answer in IRAC (Issue, Rule, Application of the rule, and, Conclusion) format.

Here is the question you are to answer with an essay (see the end of Chapter 17, Question 1 of Case Questions, in your text book):

Intercontinental Metals Corp. (IMC) contracted with the accounting firm of Cherry, Bekaert, & Holland to perform an audit. Cherry issued its opinion about IMC, giving all copies of its report directly to the company. IMC later permitted Dun & Bradstreet to examine the statements, and Raritan River Steel Co. saw a report published by Dun & Bradstreet. Relying on the audit, Raritan sold IMC $2.2 million worth of steel on credit, but IMC promptly went bankrupt. Raritan sued Cherry, claiming that IMC was not as sound as Cherry had reported and that the accounting firm had breached its contract with IMC. Comment on Raritan’s suit.

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