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Insurance
Accountants' Liability

Accountancy Newsletter - July 2021

Published 21 julio 2021

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

Manchester Building Society vs. Grant Thornton UK LLP is the first Supreme Court decision on the scope of an auditor’s duty. It signifies a break from SAAMCO and a changed approach when determining the scope of a professional’s duty.

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

In May 2021, the Financial Reporting Council (“FRC”) issued revised standards in relation to an auditor’s duty to report fraud in a period of heightened public scrutiny of the profession.

Exposures under the Pensions Schemes Act 2021 for auditors and accountants

The introduction of broad new criminal sanctions and civil fines in the Pensions Act 2021 (PSA) exposes a wide range of persons involved in pension schemes, including auditors and accountants.

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

With claims against accountants feared to be on the increase, we consider how a litigant can legitimately refuse ADR, and avoid the risk of costs sanctions when they are ultimately successful in the litigation.

The courts are alive to “a worrying trend…of failures by experts generally complying with their duties”. This article considers some recent cases where expert witnesses have received some harsh judicial criticism.

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

The Force India Formula 1 racing team entered administration in July 2018. There were a number of parties interested in acquiring either the shares or the business and assets.

Richard Highley

London - Walbrook

+44 (0)20 7894 6470

rhighley@dacbeachcroft.com

Naomi Park

Leeds

+44 (0)113 251 4793

npark@dacbeachcroft.co.uk

Francesca Muscutt

London - Walbrook

+44 (0)20 7894 6189

fmuscutt@dacbeachcroft.com

Christopher Dyke

Bristol, London - Walbrook

+44 (0)117 918 2109

cdyke@dacbeachcroft.com

Jamie Tomlinson

London - Walbrook

+44(0)20 7894 6014

jatomlinson@dacbeachcroft.com

Rebecca Smith

Bristol

+44 (0)117 918 2597

rcsmith@dacbeachcroft.com

Kevin Hawthorn

Bristol

+44 (0)117 918 2221

khawthorn@dacbeachcroft.com

Giles Hindle

Bristol

+44 (0)117 918 2195

ghindle@dacbeachcroft.com

Christopher Wall

Bristol, London - Walbrook

+44 (0)117 366 2445

crwall@dacbeachcroft.com

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

By Kevin Hawthorn

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