Accountancy Newsletter - March 2020
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Accountancy Newsletter - March 2020

Published 30 March 2020

DAC Beachcroft's Accountancy newsletter features topical news and insights for our clients and contacts.

Sports Direct and Privilege
The Court of Appeal’s judgment and its implication for audit firms.
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SAAMCO principles
SAAMCO principles remain a complex area of law – how does it apply to a claim based on alleged audit negligence?
BTI 2014 LLC v PWC [2019] EWHC 3034 (Ch)

 

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There is now a “dominant purpose” test for legal advice privilege – some practical points for accounting practices
‘Litigation’ privilege has long been subject to a ‘dominant purpose’test. For a document to be privileged, the dominant purpose for its creation must have been for use in relation to contentious proceedings (either in existence or reasonably in contemplation).

 

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FRC consults on proposals to revise ISA standards for identifying and assessing risks of material misstatement
The FRC is consulting on proposals to revise International Standard on Auditing (UK) 315 – Identifying and Assessing the Risks of Material Misstatement Through Understanding the Entity and the Environment.

 

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Disguised Remuneration Schemes and The Loan Charge- Are Accountants Exposed?
Accountants have been facing claims for a while because of their previous involvement in disguised remuneration schemes looking to reduce income tax and national insurance contributions.

 

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Fully Charged! Recent decisions where the Court has been positive in compelling parties to engage in ADR
Parties to litigation have long been encouraged to consider Alternative Dispute Resolution (ADR). Its numerous benefits include assisting parties to resolve disputes more quickly and cheaply than through the litigation process.


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Administrators should act in the best interest of company’s creditors as a whole - in the absence of a special relationship it should not favour any particular creditor
Fraser Turner Limited v PricewaterhouseCoopers LLP and others [2019] EWCA Civ 1290

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A warning for insolvency practitioners – take care when handling personal data
The Financial Conduct Authority, the Information Commissioner’s Office and the Financial Services Compensation Scheme have issued a joint statement warning insolvency practitioners to be careful when handling personal data.
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Key Contacts

Richard Highley

Richard Highley

London - Walbrook

+44 (0)20 7894 6470

Giles Hindle

Giles Hindle

Bristol

+44 (0)117 918 2195

Julian Bubb Humfryes

Julian Bubb Humfryes

London - Walbrook

+44 20 7894 6137

< Back to articles

Collection articles

Changing corporate behaviour – the crucial role for auditors and accountants in the climate change fight

By Simon Konsta

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By Richard Highley, Annabel Walker, Naomi Park, Kevin Hawthorn, Hannah Gregory, Rebecca Smith, Jamie Tomlinson, Francesca Muscutt, Isabel McNeile

Swiss Cottage Properties Limited (in liquidation) [2022] EWHC 1495 (Ch) – a reassuring result for insolvency practitioners

By Richard Highley, Kevin Hawthorn, Annabel Walker

Accountancy and modern slavery – is the industry doing enough? (1)

By Annabel Walker

The New Audit Reform Bill- a lawyer’s view on the implications for the audit sector

By Richard Highley, Julian Bubb Humfryes, Isabel McNeile

Climate Risk: the evolving landscape for auditors

By Annabel Walker, Victoria Grantham, Amie Roberts

Scope of an accountant’s duty of care when acting as an introducer Knights v Townsend Harrison Limited [2021] EWHC 2563 (QB)

By Hannah Gregory, Rebecca Smith

Directors not liable for breach of duty for using tax saving scheme where professional advice followed Hunt v Richard Balfour-Lynn (and Others)

By Naomi Park, Lauren Mackey

Wiseman v HMRC – a reminder of the limitations of Legal Advice Privilege in regulatory proceedings

By Jamie Tomlinson, Francesca Muscutt

FRC moves towards registration of “PIE Auditors”

By Richard Highley, Julian Bubb Humfryes

Can Accountants refuse ADR and avoid the own goal of a costs penalty?

By Naomi Park

Accountancy Newsletter - July 2021

By Richard Highley, Naomi Park, Francesca Muscutt, Christopher Dyke, Jamie Tomlinson, Rebecca Smith, Kevin Hawthorn, Giles Hindle, Christopher Wall

Accountancy Experts – the importance of objectivity, relevant expertise and operating on a level playing field

By Francesca Muscutt

Exposures under the Pensions Schemes Act 2021 for auditors and accountants

By Christopher Dyke, Rebecca Smith

Auditors’ duties in relation to fraud – the new requirements of (Revised) ISA (UK) 240

By Richard Highley, Jamie Tomlinson

Breaking the Mountaineer’s Knee: Supreme Court establishes “purpose test” to assess the scope of an auditor’s duty

By Jamie Tomlinson, Richard Highley

Uralkali v Rowley – do Administrators owe a personal duty of care?

By Kevin Hawthorn, Giles Hindle, Christopher Wall

Accountancy Newsletter - December 2020

By Richard Highley, Rebecca Smith, Phil Murrin, Christopher Dyke, Gill Burnett, Julian Bubb Humfryes, Naomi Park, Benson Egwuonwu, Jamie Tomlinson

Accountancy Newsletter - July 2020

By Richard Highley, Rebecca Smith, Kevin Hawthorn

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