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Accountancy firm Williamson Baker & Co. signed off the audit of the accounts of True Building Group Ltd whose accounts showed sound financial health. Within months of this True Building Group Ltd had collapsed.
Main Street Bank have sued Williamson Baker for negligence because they say that they partly based their decision to continue a £40 million loan facility to the group on the audit report. The claim of negligence was based on the fact that Williamson Baker had failed to discover fraudulent overstatements of the group’s true financial position.
Williamson Baker had included a clear disclaimer with their audit report that “it was solely addressed to True Building Group Ltd, and they held no responsibility to anyone else for their audit work”.
Required:
1. What is the current legal position regarding negligence by professionals in the UK and how has this developed over the years?
2. Are Main Street Bank likely to be successful in their law suit, and why?
You need to refer to legislation and at least 6 relevant cases including 3 from the last 10 years. (Approximately 500 words)
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