(Solution) - Henry Hatfield CPA was hired to prepare audited financial statements -(2025 Original AI-Free Solution)

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Academic Level: Undergrad. (yrs 3-4)

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Henry Hatfield, CPA, was hired to prepare audited financial statements for Happy Campers, a nonprofit organization providing summer camp scholarships for inner-city, low-income children. The executive director of Happy Campers was embezzling but falsified records that Hatfield used in his audit. First Bank gave Happy Campers a $100,000 loan based on Hatfield's certified financials. The embezzlement was discovered, and Happy Campers defaulted on vthe loan. Can First Bank recover its loss from Hatfield?