Senior US politicians have weighed into a legal battle in the Supreme Court
that could decided whether investors in collapsed companies can recover money
from third parties such as accountants and auditors.
The two democrat congressmen, both chairmen of influential committees, have
asked to submit papers to support claims that auditors, accountants and lawyers
can be sued if they knowingly take part in a fraud scheme, according to the
Washington Post .
Frank, chairman of the House financial services committee and John Conyers,
chairman of the House judiciary committee, joined the battle after becoming
concerned that the US solicitor general might support the third parties and not
case has prompted speculation that if the case were successful it could open
the way for suing UK advisers connected with companies listed or registered in
The legal battle has prompted intense debate in the US where the President
and Treasury have said such a move would create too many risks for business,
while the SEC, the US financial watchdog, has backed shareholders in their
The Supreme Court is due to start the hearing on 9 October.
Mazars has announced the appointment of Michael Tripp as the new head of financial services
A new leader, Darra Singh has been appointed to lead EY’s UK government and public sector practice
MHA MacIntyre Hudson has partnered with cloud accounting software provider Xero ahead of the government’s requirement for digital records
Revenue and profitability growth in on the rise for CPA firms, found a survey from the American Institute of CPA’s and its subsidiary CPA.com