Writing in Accountancy Age, lawyers from Barlow Lyde & Gilbert
make clear the profession is facing a flood of claims. ‘Given market volatility,
it is probably no longer a question of whether claims will be made against
accountants, but how many,’ wrote BLG partner Andrew Howell and associate
director Andrew Forsyth.
‘The difficult accounting and auditing judgments made in the current
environment are likely to be subject to close judicial scrutiny in a court
The lawyers said significant revaluations of businesses in the wake of the
sub-prime crisis and credit crunch would attract the attention of shareholders
who have lost out, and potential litigation risk extended beyond audit work.
‘The current turbulence will require considerable care in relation to
determining appropriate assumptions and identifying sensitivities, since recent
past experience may no longer be such a reliable guide,’ the lawyers write.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements