By: Simon Salzedo QC, Tony Singla
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The second edition focuses 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:
– Lowick Rose LLP v Swynson Ltd & Anor UKSC 32 on transferred loss
– BPE Solicitors & Anor v Hughes-Holland  UKSC 21 on scope of duty and the SAAMCO principle
– Steel v NRAM Limited  UKSC which revisited the Caparo test for establishing a duty of care
– The SAAMCO principle (the scope of a professional’s duty for claimed losses) was also considered by the Court of Appeal in Manchester Building Society v Grant Thornton UK LLP  EWCA Civ 40
– AssetCo v Grant Thornton  EWHC 150 (Comm), a controversial decision in which an auditor was held liable for trading losses caused by management fraud
– Deloitte & Touche v Livent