By: Simon Salzedo QC, Tony Singla
The second edition focusses on the difficult legal issues surrounding the liability of accountants in negligence claims. It covers statutory and non-statutory audits, tax advice, specified procedures reporting, due diligence reports and corporate finance reporting. It looks at the scope of losses for which the accountant may be liable with detailed reference to case law as well as money laundering and regulatory issues. Limitation and contributory fault are considered with special reference to accountants’ cases.
The following important developments and case law is included:
Part 1 – Introductory1. Introduction and general principlesPart 2 – Auditing2. The legal framework of auditing3. Regulatory framework of auditing4. Characterising the auditor’s relationship with the company5. Caparo: the objects and scope of the Auditor’s duty of care in tort6. Applications of Caparo7. Audit liability – for what losses?8. Audit liability – for what conduct – standard of care – watchdog/bloodhound or some other dog?Part 3 – Non-audit liability of accountants9. General principles10. Accounting other than statutory audit11. Other liabilities –12. Conflicts of Interest and confidential information13. Tax liabilities including regulatory risks.14. Insolvency liabilitiesPart 4 – Defences15. Limitation – time bar16. Contributory fault of claimant and contribution from others17. Failure to mitigate – eg pursuing overpaid dividends or bonuses.18. Contractual limitations of liability19. S727 CA85, s1157 CA0620. IllegalityPart 5 – Issues arising in litigation concerning accountants21. Disclosure.22. Expert evidencePart 6 – Regulation and money laundering23. Professional discipline regimes (CCAB, FRC, PRA).24. Money laundering, incl. ICAEW Rules
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