Accountants’ Negligence and Liability

Simon Salzedo KC, KC (Brick Court Chambers, UK), Tony Singla KC

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English

Bloomsbury
24 June 2021

Accounting; Law; Civil procedure, litigation & dispute resolution

An in-depth practical work covering all the main areas of accountants’ legal liabilities in negligence claims, including audit liabilities to clients and others, tax and insolvency work and conflicts of interest. It covers accountants’ negligence in relation to claims against accountants acting for corporations as well as accountants acting for individuals.

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 are included:

- The material covering the application of the SAAMCO/scope of duty principle has been substantially revised following the clarification of the SAAMCO principle of scope of duty by the Supreme Court in BPE Solicitors & Anor v Hughes-Holland [2017] UKSC 21, [2018] AC 599 and the Court of Appeal in the accountants’ case of Manchester Building Society v Grant Thornton UK LLP [2019] EWCA Civ 40, [2019] 1 WLR 4610

- AssetCo v Grant Thornton [2019] EWHC 150 (Comm), [2019] Bus LR 2291 in which the first edition of this book was cited several times, an auditor was held liable for trading losses caused by management fraud and the Court of Appeal at [2021] PNLR 1 considered the application of the scope of duty principle to a general audit case and the question of credit for the receipt by the company of new capital

- The difficult question of the application of the scope of duty principle to dividends, discussed by the High Court in BTI v PricewaterhouseCoopers [2020] PNLR 7 and the Court of Appeal in AssetCo v Grant Thornton

- Lowick Rose LLP v Swynson Ltd & Anor [2017] UKSC 32 on avoided loss

- Developments in the application of rules of contributory fault to accountants in the light of the trial judgments on this issue in Manchester Building Society v Grant Thornton and AssetCo v Grant Thornton

- The effect of the Supreme Court’s decision in Singularis Holdings v Daiwa Capital Markets [2020] AC 1189 on auditor’s counterclaims and the illegality defence

- The controversial High Court decision on accountants’ conflicts of interest in Harlequin Property v Wilkins Kennedy [2017] 4 WLR 30

- Pre-action disclosure against auditors following the decision in Carillion Plc v KPMG LLP [2020] EWHC 1416 (Comm)

- First Tower Trustees v CDS (Superstores) [2019] 1 WLR with important implications for the application of UCTA to disclaimers of liability

- Halsall v Champion Consulting [2017] PNLR 32 where extended limitation under s14A was considered in the context of tax schemes and a tax adviser’s contractual time bar was construed

- Evans v PricewaterhouseCoopers [2019] EWHC 1505 (Ch) on the date when the cause of action for tax advice was considered in detail

- Developments in the law of privilege in relation to investigations of auditors including Sports Direct v Financial Reporting Council [2020] EWCA Civ 177, [2020] 2 WLR 1256

- Substantial revisions to the Code of Ethics, disciplinary bye-laws, and the FRC’s rules and schemes

This title is included in Bloomsbury Professional's Professional Negligence Law online service.

By: Simon Salzedo KC KC (Brick Court Chambers UK), Tony Singla KC
Imprint: Bloomsbury
Country of Publication: United Kingdom
Edition: 2nd edition
Dimensions: Height: 250mm, Width: 162mm, Spine: 36mm
Weight: 1.040kg
ISBN: 9781526512451
ISBN 10: 1526512459
Pages: 568
Publication Date: 24 June 2021
Audience: Professional and scholarly , Undergraduate
Format: Hardback
Publisher's Status: Active

Part 1 Introductory Chapter 1 Introduction and general principles Part 2 Auditing Chapter 2 The legal framework of auditing Chapter 3 The regulatory framework of auditing Chapter 4 Characterising the auditor’s relationship with the company and the elements of and defences to a claim for audit negligence Chapter 5 Caparo: the objects and scope of the auditor’s duty of care in tort Chapter 6 Applications of the Caparo principle Chapter 7 Breach of duty and the auditor’s standard of care Chapter 8 Scope of auditor’s duty – for what losses is the auditor liable? Part 3 Other liabilities of accountants Chapter 9 Non-audit liability of accountants Chapter 10 Conflicts of interest and confidential information Part 4 Defences Chapter 11 Policy defences – ex turpi and insolvency Chapter 12 Limitation Chapter 13 Disclaimers and exclusions of liability Chapter 14 Contributory negligence and contribution Chapter 15 Counterclaims and mitigation of loss Chapter 16 Statutory relief Part 5 Issues arising in litigation concerning accountants Chapter 17 Disclosure Chapter 18 Expert evidence Part 6 Disciplinary regimes and money laundering Chapter 19 Disciplinary regimes Chapter 20 Money laundering

Simon Salzedo KC's practice covers all areas of Commercial Law. He is recommended by the legal directories for Commercial Litigation, Banking and Finance, International Arbitration, Professional Negligence, and Insurance and Reinsurance work. He is an experienced advocate at all levels of the court system and in international arbitration. Simon Salzedo is a qualified Chartered Accountant and the author of books on the Arbitration Act 1996 and Conflicts of Interest. Tony Singla is widely recognised as one of the leading juniors at the Commercial Bar. In 2014 Tony was awarded “Commercial Litigation Junior of the Year” at the Chambers Bar Awards where it was said that “he has long been considered a leading commercial junior, as evidenced by his wealth of experience in the most high-profile cases”. In 2018 Tony was nominated by Legal 500 as “Commercial Litigation Junior of the Year” and as “Competition Junior of the Year” by Chambers & Partners.