Duty of Care Auditor in UK Law
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Government rejects auditor liability cap.
... ... bring forward amendments to the current bill to extend an auditor's duty of care." ... Although many of the bill's provisions do address auditors' ... ...
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Auditors' Liability for BCCI
In an earlier contribution to this journal, the author sought to analyse the legal implications of the recent decision by the liquidators of the Bank of Commerce and Credit International (BCCI), To...... ... BCCI was in trouble and that, as a result, a duty of care was owed to existing depositors and to ... and Ernst & Young is to whom does an auditor owe a duty of care when he or she carries out his ... ...
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After Caparo— Liability in Business Transactions Revisited
... ... opinion, will be unable to sue the auditor for any 10sses.~ Given the range of ... duty of care to any bank which might rely ... ...
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NEGLIGENCE LAW SUITS AND THE ACCOUNTANT
The paper argues that increasing litigation and expanding claims on both sides of the Atlantic are threatening the survival of even the largest accounting practices. In the UK, firms are so concern...... ... risky areas of practice, such as antenatal care, or are indulging in defensive — and costly — ... But any profession where a duty of care can be held to exist has had its share of ... on the number of people who may sue an auditor. CAPARO This stems from the House of Lords' ... ...
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Waiting for Enron: The Unstable Equilibrium of Auditor Independence Regulation
A primary function of auditor independence regulation is to ensure that any financial incentives auditors may have to approve misleading or inaccurate accounting are outweighed by market and regula...... ... 49 Care must be taken in assuming that United States evidence has traction in the ... These, in turn, are a function of which parties benefit from a legal duty of care owed by the auditors; whether such beneficiaries are likely to ... ...
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Barings plc and another v Coopers & Lybrand and others
Bishopscourt (BS) Ltd (formerly known as Barings Securities Ltd, BSL) was an indirect subsidiary of Barings plc (the English holding company of the Barings group). BSL and its subsidiaries carried ...... ... Number 2 Barings' Singapore auditors may owe duty of care Barings plc and another v Coopers & ... Hence, the auditor's duty which is owed is owed primarily to the ... ...
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AN APPROACH TO THE INTERNAL REGULATION OF THE CORPORATION: A CRITICAL ANALYSIS OF THE RECOMMENDATIONS OF THE CADBURY COMMITTEE
This paper is concerned with the recommendations of the Committee on the Financial Aspects of Corporate Governance under the Chairmanship of Sir Adrian Cadbury (Final Report 1st December, 1992). Th...... ... persuaded that the imposition of statutory duty would make any practical differ-ence. There is, ... for strengthening the position of the auditor who reports fraud against the risk that the ... The issue of the case was whether a duty of care was owed by the auditors of a company to ... ...
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Economic Loss in Negligence — The 1989 Cases
... ... in expounding [l] the test for a duty of care and [2] the relationship between ... Here the adviser is the Company Auditor, who was alleged to have been negligent in ... ...
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Stone & Rolls Ltd v Moore Stephens: An Unnecessary Tangle
The opinions of the minority risk creating a dangerous inroad into Salamon and Caparo. The opinions of the majority avoid that risk but reach the right result by tortuous reasoning. The answer to t...... ... by its liq uidato r, it then sued the auditor.That is all that needs to be said in order to ... know ledge of a fraud o r other brea ch of duty to the compan y which is known to a direct or ... ask simply whether A o wes B a duty of care. It is always necessary to determine the scope ... ...
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THE LIABILITY OF ACCOUNTANTS AND AUDITORS FOR NEGLIGENT STATEMENTS IN COMPANY ACCOUNTS
... ... that they had violated their duty to supply him with reliable information ... is not merely a duty to use care in their reports. They have also a ... could not succeed against the auditor unless the auditor knew the accounts were ... ...
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