The FRC Disciplinary Tribunal’s Decision in KPMG – Regenersis/Carillion Its significance for junior accountants and audit firms By Richard Highley, Julian Bubb Humfryes, The decision underlines the regulator’s expectation that integrity should flow throughout an audit…
No reflective loss principle: shareholders will explore other avenues to recover their loss By Richard Highley, Burnford v Automobile Association Developments is a helpful reminder to accountants and auditors to…
Accountancy Newsletter July 2022 By Richard Highley, , Naomi Park, Kevin Hawthorn, Hannah Gregory, Rebecca Smith, , Francesca Muscutt, DAC Beachcroft's Accountancy Newsletter features topical news and insights for our clients and…
Swiss Cottage Properties Limited (in liquidation) [2022] EWHC 1495 (Ch) – a reassuring result for insolvency practitioners By Richard Highley, Kevin Hawthorn, On 20 May 2022 Mr Justice Adam Johnson handed down his judgment in the matter of Swiss Cottage…
The New Audit Reform Bill- a lawyer’s view on the implications for the audit sector By Richard Highley, Julian Bubb Humfryes, On 30 May 2022, in the wake of previous substantial corporate collapses, the Government published…
FRC moves towards registration of “PIE Auditors” By Richard Highley, Julian Bubb Humfryes A key recommendation of the Kingman review was that the FRC should undertake the approval and…
Accountancy Newsletter - July 2021 By Richard Highley, Naomi Park, Francesca Muscutt, Christopher Dyke, , Rebecca Smith, Kevin Hawthorn, Giles Hindle, Christopher Wall Breaking the Mountaineer’s Knee: Supreme Court establishes “purpose test” to assess the scope of an…
Auditors’ duties in relation to fraud – the new requirements of (Revised) ISA (UK) 240 By Richard Highley, Introduction In May 2021, the Financial Reporting Council (“FRC”) issued revised standards in…
Breaking the Mountaineer’s Knee: Supreme Court establishes “purpose test” to assess the scope of an auditor’s duty By , Richard Highley Introduction A lot has already been written about the June 2021 Supreme Court judgment in the…
UK adequacy, new SCCs and finalised EDPB recommendations - all change for international data transfers By Jade Kowalski, Charlotte Halford, It has been a busy few weeks in the world of international data transfers, and we finally seem to…
Accountancy Newsletter - December 2020 By Richard Highley, Rebecca Smith, Phil Murrin, Christopher Dyke, Gill Burnett, Julian Bubb Humfryes, Naomi Park, , DAC Beachcroft's Accountancy newsletter features topical news and insights for our clients and…
Supreme Court rules on the illegality defence - Stoffel & Co (Appellant) v Grondona (Respondent) [2020] UKSC 42 By Richard Highley, Phil Murrin, Naomi Park When does illegal conduct by a claimant prevent recovery of civil damages? Put another way, how…
Sports Direct and Legal Privilege – the saga continues By Richard Highley, , Julian Bubb Humfryes Background – Sports Direct, the FRC and privilege Last year we reported on the High Court’s…
The Court of Appeal applies SAAMCO principles to audit claims By Richard Highley, Introduction The Court of Appeal’s recent decision in AssetCo plc v Grant Thornton UK LLP …
Significant extensions to the duty to self-report misconduct – the new ICAEW guidance By Richard Highley, , Julian Bubb Humfryes As all accountants are aware, their regulator, the Institute for Chartered Accountants of England…
DACB’s Audit Liability Round-up for 2020 By Richard Highley, Julian Bubb Humfryes Those following the world of audit may think there is little Christmas cheer on offer for auditors…
Does Legal Advice Privilege apply to foreign lawyers? PJSC Tatneft v Bogolyubov & Ors By Richard Highley, , Julian Bubb Humfryes The recent judgment in PJSC Tatneft v Bogolyubov & Ors considered whether legal advice…
Accountancy Newsletter - July 2020 By Richard Highley, Rebecca Smith, Kevin Hawthorn The FRC exercises Foresight – KPMG Decision Notice shows a radical development in FRC enforcement …
A v B, FRC: the next chapter on disclosure of an audited entity’s privileged documents to the FRC By Richard Highley, Last month, the High Court gave its judgment in this tripartite dispute between the Claimant “ A ”,…
The FRC exercises Foresight – KPMG Decision Notice shows a radical development in FRC enforcement By Richard Highley, Julian Bubb Humfryes The FRC has recently sanctioned KPMG in respect of the latter’s audit of an investment company,…
FRC sanctions against KPMG offer clues as to its approach towards enforcement generally By Richard Highley, Julian Bubb Humfryes While the headlines are dominated by COVID-19, the world of Public Interest Entity ("PIE") audit…
Sports Direct and Privilege By Richard Highley, Julian Bubb Humfryes The Court of Appeal’s judgment and its implication for audit firms.
There is now a “dominant purpose” test for legal advice privilege – some practical points for accounting practices By Richard Highley, Julian Bubb Humfryes Litigation’ privilege has long been subject to a ‘dominant purpose’test…
COVID-19 and Financial Distress: Duties and key considerations applicable to all directors By Nick Garland, Giles Hindle, Richard Highley Businesses are currently facing unprecedented challenges…
It's All In The Timing: Bringing claims under SPA tax indemnities and W&I insurance - A review of the decision in Minera v Glencore By Richard Highley, John Dunlop In this article, we comment on issues arising in claims for tax losses under SPAs and W&I…
Should an organisation be liable for injuries suffered by a volunteer acting contrary to an express instruction? By David Williams, Jeremy Bennett, The question of whether an organisation should be liable for injuries suffered by a volunteer, a…
Accountancy newsletter - July 2019 By Richard Highley, Kevin Hawthorn, Francesca Muscutt DAC Beachcroft's Accountancy newsletter features topical news and insights for our clients and…
Court of Appeal clarifies new test for dishonesty in accountant's accessory liability case By Richard Highley, Parminder Badhan In a key decision of the Court of Appeal, an accountant was found to have dishonestly assisted…
Plus ça change at the FRC? - the new accounting regulator starts to take shape By Richard Highley, Julian Bubb Humfryes Last year’s Kingman Report into the future of audit in the UK, and of the Financial Reporting…
Limitation and tax advice - not a simple matter of counting years By Richard Highley, We have reported in the past (see here ) on when limitation periods begin in negligence actions…
LatAm Newsletter - July 2019 By Richard Highley, Kevin Hawthorn, Francesca Muscutt Tendencias en la Argentina en materia de la oponibilidad de deducibles y sumas aseguradas en…
SPA disputes and W&I Insurance: Guidance on contractual notification clauses, fair disclosure and calculating damages By Richard Highley, Francesca Muscutt 116 Cardamon Limited v MacAlister [2019] EWHC 1200 (15 May 2019) This recent English High Court…
Key issues in SPA disputes and W&I reviewed following the High Court decision in Triumph By Richard Highley, Julian Bubb Humfryes In March, the High Court handed down its judgment in Triumph Controls UK Limited & others v…
Measuring damages for SPA breach of warranty and what this means for W&I insurance By Richard Highley, Julian Bubb Humfryes In a decision of interest to commercial litigators and W&I insurers, the recent case of…
Accountancy Newsletter March 2019 By Richard Highley, Giles Hindle, Naomi Park, Julian Bubb Humfryes, Francesca Muscutt, Tim Ryan, , Rebecca Smith, Suzanne Wharton DAC Beachcroft's Accountancy newsletter features topical news and insights for our clients and…
FRC v Sports Direct International Plc ("Sports Direct"): the latest regulatory challenge on privilege By Julian Bubb Humfryes, Richard Highley
The Disclosure Pilot Scheme - implications for professional defendants By Richard Highley, Francesca Muscutt On 1 January 2019, a two year disclosure pilot came into effect in the Business and Property Courts…
The Hopkinson decision: Should W&I insurers take an interest in SPA notification provisions? By Richard Highley Introduction Parties to Share Purchase Agreements (‘SPAs’) increasingly buy Warranty &…
SFO v ENRC appeal – implications for directors and SFO/FCA investigations By Richard Highley, In a highly anticipated decision, the Court of Appeal in Director of the Serious Fraud Office v…
Accountancy Newsletter September 2018 By Richard Highley, Kevin Hawthorn, Naomi Park DAC Beachcroft's Accountancy newsletter features topical news and insights for our clients and…
SFO v ENRC appeal – implications for FRC investigations By Richard Highley, In a highly anticipated decision, the Court of Appeal in Director of the Serious Fraud Office v…
"Maxwellisation" and the FRC By Richard Highley, Julian Bubb Humfryes It is a fundamental legal principle in regulatory investigations that " a person be given a fair…
A favourable decision on litigation privilege and regulatory investigation - ENRC reconsidered in Bilta By Richard Highley, Francesca Muscutt In the recent decision of Bilta (UK) Ltd (in Liquidation) v RBS , the English High Court revisited…
Accountancy Newsletter March 2018 By Richard Highley, Francesca Muscutt, Suzanne Wharton, Naomi Park, Christopher Stoate DAC Beachcroft's Accountancy newsletter features topical news and insights for our clients and…
FRC’s sanctions under review By Richard Highley The Independent Committee appointed to review FRC sanctions policies has produced its report…
A favourable decision on litigation privilege and regulatory investigation - ENRC reconsidered in Bilta By Richard Highley, Francesca Muscutt In the recent decision of Bilta (UK) Ltd (in Liquidation) v RBS , the English High Court revisited…
Accountancy Newsletter October 2017 By Richard Highley, Ross Risby, Suzanne Wharton, Francesca Muscutt, William Naylor, Jade Kowalski DAC Beachcroft's Accountancy newsletter features topical news and insights for our clients and…
Crypto Currencies, Crowdfunding and Litigation Funders: costs recovery against non-party funders By Richard Highley In terms of professional negligence claims, accountants and in particular auditors have benefited…
Singularis v Daiwa - a detailed examination of the illegality defence By Richard Highley The decision of Mrs Justice Rose in Singularis Holdings Ltd v Daiwa Capital Markets Europe Ltd…
Tax Advisers win limitation arguments in Professional Negligence claim By Richard Highley Halsall v Champion Consulting Ltd is another in a line of cases emphasising the difficulties…
Accountancy Newsletter May 2017 By Richard Highley, Ross Risby, Suzanne Wharton, Naomi Park, Rebecca Smith, Sarah Crowther, Hannah Gregory, Declan Finn, Dan Preddy DAC Beachcroft's Accountancy newsletter features topical news and insights for our clients and…
No duty, no loss, no claim - it couldn't be clearer…could it? By Richard Highley Swynson Ltd v Lowick Rose The Supreme Court found the claimants' loss had been extinguished in…
Duty of care - the real price of mates' rates in the provision of professional services By Richard Highley In Lejonvarn v Burgess , we have another case where a court has found that a professional, who…
SFO v ENRC - Privilege and Criminal and Regulatory investigations By Richard Highley The judgment of Mrs Justice Andrews handed down on 8 May 2017 in SFO v Eurasion Natural Resources…
Accountancy Newsletter February 2017 By Richard Highley, Ross Risby, Suzanne Wharton, Naomi Park, Francesca Muscutt, Rebecca Smith DAC Beachcroft's Accountancy newsletter features topical news and insights for our clients and…
The Court of Appeal reviews the Loss of Chance doctrine By Richard Highley, Francesca Muscutt The Court of Appeal has reviewed the loss of chance doctrine in two recent decisions…
Another chapter in the courts' application of the illegality defence: considered in Tchenguiz & Others v Grant Thornton & Others (1) By Richard Highley On 16 December 2016, the High Court handed down a summary judgment in Tchenguiz & Others v…
D&O and Financial Institutions Newsletter - Winter 2017 By William Allison, Pippa Ellis, Richard Highley, Francesca Muscutt, Declan Finn, Graham Ludlam, Anthony Menzies, Jonathan Brogden DAC Beachcroft's D&O and FI newsletter features topical issues for our global clients and…
Another chapter in the courts' application of the illegality defence: considered in Tchenguiz & Others v Grant Thornton & Others By Richard Highley On 16 December 2016, the High Court handed down a summary judgment in Tchenguiz & Others v…
Accountancy Newsletter October 2016 By Richard Highley, Pippa Ellis, Martin Langley, Kevin Hawthorn, Giles Hindle, Ross Risby DAC Beachcroft's Accountancy newsletter features topical news and insights for our clients and…
The Illegality Defence – the new battleground (Accountants) By Richard Highley, Pippa Ellis In July 2016, a nine justice panel of the Supreme Court handed down judgment in Patel v Mirza…
Worth a gamble? Our analysis of the first court approved contingency fee agreement By Richard Highley In Bolt Burdon v Tariq & Ors [2016] , we have the first case where a court has approved, and…
Hello Regulator, goodbye privilege? By Richard Highley As any professional will know, the regulation of professionals, particularly those in finance, has…
D&O and Financial Institutions Newsletter - Autumn 2016 By William Allison, Pippa Ellis, Richard Highley, Francesca Muscutt, Declan Finn, Graham Ludlam DAC Beachcroft's D&O and FI newsletter features topical issues for our global clients and…
The Illegality Defence – the new battleground (D&O Insurance) By Richard Highley, Pippa Ellis In July 2016, a nine justice panel of the Supreme Court handed down judgment in Patel v Mirza…
Tackling boardroom excess: the new criminal offence for corporates failing to prevent tax evasion By Richard Highley Theresa May is expected to push ahead with David Cameron's plans to hold companies criminally…
In-depth analysis: Regulation: return of the principles By Richard Highley It has become a truism that the regulatory agenda is constantly evolving…
Acceleration of the new criminal offence for corporates failing to prevent tax evasion By Richard Highley On 11 April 2016, David Cameron announced that the government "will legislate this year to hold…
Auditors ordered to disclose confidential documents in unfair prejudice dispute By Richard Highley In Destiny Investments (1993) Ltd and another v TH Holdings Ltd and another [2016] the High Court…
Insured vs. Insured exclusions in post-insolvency claims By Richard Highley A common query with D&O insurance coverage is whether post-insolvency claims against the…
Accountancy Newsletter March 2016 By Richard Highley, Francesca Muscutt, Kevin Hawthorn, Giles Hindle, Martin Langley, Naomi Park, Suzanne Wharton, Ross Risby, Julian Miller FRC set to gain new powers in June The accountancy regulator, the Financial Reporting…
Accountancy Newsletter July 2016 By Richard Highley, Naomi Park, Suzanne Wharton, Hans Allnutt, Ross Risby DAC Beachcroft's Accountancy newsletter features topical news and insights for our clients and…
FRC set to gain new powers in June By Richard Highley The accountancy regulator, the Financial Reporting Council (FRC), will gain new powers in June 2016…
Accountancy Newsletter February 2015 By Richard Highley, Ross Risby, Julian Miller DAC Beachcroft's Accountancy newsletter features topical news and insights for our clients and…
In a bind: Non-party costs orders against Directors By Richard Highley It is not often the courts make non-party costs orders against directors…
Illegality defence: The position of directors considered – the latest from the Court of Appeal By Richard Highley In Sharma v Top Brands Ltd [2015] EWCA Civ 1140 , the Court of Appeal refused to allow a former…
Accountancy Newsletter December 2015 By Richard Highley, William Naylor, Giles Hindle, Julian Miller, Pippa Ellis, Patrick Hill, Declan Finn, Ross Risby, Suzanne Wharton DAC Beachcroft's Accountancy newsletter features topical news and insights for our clients and…
Hacked off? Accountants increasingly being targeted by hacking scams By Richard Highley Recently we have seen an increase in professionals who hold client money being targeted by hacking…
Illegality defence remains uncertain - the latest from the Court of Appeal By Richard Highley This month in Sharma v Top Brands Ltd [2015] EWCA Civ 1140 the Court of Appeal has again been asked…
No continuing contractual duty to correct investment advice By Pippa Ellis, Richard Highley The recent High Court decision in Worthing and Another v Lloyds Bank Plc [2015] EWHC 2836 (QB) ,…
Duties Of Nominee Directors faced with fraud By Richard Highley The Privy Council's decision in Central Bank of Ecuador and IAMF v Conticorp SA and others …
Accountancy Newsletter September 2015 By Richard Highley, Ross Risby, Julian Miller, Suzanne Wharton, Giles Hindle DAC Beachcroft's Accountancy newsletter features topical news and insights for our clients and…
FRC dishonesty decisions By Richard Highley The Financial Reporting Council is the independent disciplinary body for the accountancy and…
Court of Appeal finds accountants liable to a lender for the full amount of a loan, despite significant loan repayments By Richard Highley This recent Court of Appeal decision Swynson Ltd v Lowick Rose LLP highlighted again the importance…
The Financial Reporting Council and MG Rover – a dose of reality injected into the sanctions regime? By Richard Highley Since reforms were introduced at the FRC in 2012, there has been a marked step change in the…
Jetivia v Bilta By Richard Highley Supreme Court decision in Jetivia SA and another (Appellants) v Bilta (UK) Limited and others…
Accountancy Newsletter June 2015 By Richard Highley, Naomi Park, Julian Miller, Giles Hindle, Ross Risby DAC Beachcroft's Accountancy newsletter features topical news and insights for our clients and…
'Illegality Defence' will not protect rogue directors By Richard Highley The Supreme Court has delivered its long-awaited judgment in Jetivia SA and another (Appellants) v…
Standard of care and loss of a chance By Richard Highley A recent decision in the High Court case of Altus Group (UK) Ltd [2015] has provided useful…
The Financial Reporting Council – insurance issues By Richard Highley The Financial Reporting Council has a number of functions in respect of the financial professions,…
US Securities Litigation: Foreign Plaintiff Claims, to the Power of Four By Richard Highley A Texan judge, Judge Ellison, who is presiding over a number of class actions against BP Oil…
DAC Beachcroft D&O and FI Newsletter - December 2014 By Richard Highley DAC Beachcroft's D&O and FI newsletter features topical issues for our global clients and…
When does limitation begin to run in tax cases? By Richard Highley, Dan Preddy The subject of tax avoidance, and HMRC's new powers to recover disputed tax, is rarely out of the…
HMRC's tax avoidance campaign – update By Richard Highley, Julian Miller The subject of tax avoidance, and HMRC's new powers to recover disputed tax, is rarely out of the…
Corporate insolvency trends – and impact on auditors By Richard Highley, Ross Risby As the graph indicates, the latest figures published in July 2014 show that company insolvencies…
Accountancy Newsletter November 2014 By Richard Highley, Julian Miller, Dan Preddy, Paul Davison, Ian McConkey, Ross Risby, Marcus Campbell DAC Beachcroft's Accountancy newsletter features topical news and insights for our clients and…
DAC Beachcroft Accountancy Alert: Shelter behind the corporate veil in Swynson Ltd and Hunt v Lodwick Rose (HMT) - July 2014 By Richard Highley Mr Hunt the Second Claimant is/was an investor in small businesses, particularly those who are…
Insurance Adviser Alert: Court of Appeal clarifies Mitchell guidance By Richard Highley, Ross Risby The Court of Appeal has set out a new three stage test to be applied by courts considering…
Accountants: Scope of duty - Referral to specialist By Richard Highley This Court of Appeal's decision will be of interest to the Professional Indemnity community…
