Jeremy Newman has said that BDO International’s fight to avoid liability in
the Banco Espirito Santo case will be ‘significant’ for the entire profession.
The BDO network could face a bill in the case, likely to be substantial if
upheld, after a US appeal court decided that a jury should decide if it should
BDO Seidman is already facing a liability which it has claimed it cannot pay,
of $521m (£258m), as a result of a finding of ‘negligence’ against one its
Banco Espirito Santo attorney Steven Thomas said this week: ‘The victory
means that ultimately BDO International, along with all the BDO member firms and
offices worldwide, will be jointly liable for the $521m judgment against BDO
‘That’s a heck of a jump,’ said a BDO Seidman spokesperson. ‘The case is
currently under appeal.’
Newman told Accountancy Age that he was confident that the decision
to keep BDO
International out of the firing line would be upheld. ‘We’re entirely
unconcerned,’ the BDO managing partner said.
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Baldwins Accountancy Group has continued investment in the north-east and appointed David Fish as a director in its corporate finance team
UK M&A activity bounced back strongly in July and August, according to analysis by the deals practice at PwC.
Smith & Williamson has added Jim Clark and Philip Marsden, of Marsden Clark Corporate Finance Limited, to its corporate finance team.