Auditors in court: lessons from the case of Littlejohn
Article Abstract:
The case of Lloyd Cheyham Ltd. v. Littlejohn & Co. has important implications for the legal liability of auditors in Great Britain. The plaintiff in this case maintained that it lost money on an investment because the defendant did not accurately assess the financial condition of the investment. The auditing firm maintained that it followed proper standards when conducting the audit. The court ruled in favor of the defendant because the accounting methods used were consistent with current standards of practice.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1986
User Contributions:
Comment about this article or add new information about this topic:
Wrong again!
Article Abstract:
Issues concerning the legal implications for accountants who give bad advice are discussed. Examples are given of claims made against accountants who gave poor advice on tax and other financial matters and who failed to report satisfactorily on their professional clients.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 2000
User Contributions:
Comment about this article or add new information about this topic:
Routes to court
Article Abstract:
Guidance on accountants' liability is presented. The responsibility of auditors to report a case of suspected fraud at a senior level in a company, or to exercise their right to resign, is examined.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 2000
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: Investors left counting the cost of Crest. On the Crest of lower charges. Web to slash self-select Isa charges
- Abstracts: Accounting for the intangible. Body talk. Standard bearer
- Abstracts: Drugs in crops-the unpalatable truth. China pushes liver proteomics. Pharmacogenetics and the practice of medicine
- Abstracts: Brokering an online future. Online broking battle hots up. Competition raises brokers' game
- Abstracts: Teching stock of the situation. The secret of picking tech winners. Private investors search for tech stock bargains