Cross-border lawsuits

Article Abstract:

The Bre-X scandal has brought to the fore the ramifications of cross-border lawsuits and the vulnerability of accountants. Lawsuits arising from financial transactions that take place across borders may be filed in more than one jurisdiction, a situation which highlights the differences between US and Canadian laws on securities. Accountants face the prospect of getting sued in jurisdictions other than where they performed their services. Courts are expected to give serious deference to differences in the legal systems of jurisdictions.

Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Securities & Commodities Regulatn, Mining & Extractive Industries, Mining, Financial Personnel, Analysis, Cases, Mining industry, Securities, Financial occupations, Actions and defenses, Litigation, Bre-X Minerals Ltd., Actions and defences

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Guilty until proven innocent?

Article Abstract:

Current indications in the legal system reveal that accountants acting in conjunction with the law will be subject to the scrutiny given to those of the legal profession under similar situations. Accountants acting as appointees of the court or as independent experts in the litigation process, will have their backgrounds examined thoroughly to determine any previous involvement with opposing parties that cause a conflict situation. Thus, a precise system needs to be developed to determine and resolve conflicts of interest.

Accounting, auditing, & bookkeeping, Interpretation and construction, Conflict of interests (Agency), Conflicts of interest

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A limitation of liability?

Article Abstract:

The laws governing accountants' liabilities are discussed. The implications flowing from a case brought before the Ontario Court of Appeal, which examined the standard language used in a review engagement letter, are analysed.

Liabilities (Accounting), Negligence

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