Please ensure Javascript is enabled for purposes of website accessibility
September 21, 2023

UK Court Decides it Will Leave the Major Lawsuits to the Americans

Big 4 firms dodge a bullet in the UK as the highest court dismissed a negligence lawsuit against an accounting firm that failed to detect fraud that brought down a trading company. The ruling will significantly limit the firms’ liability in cases “where a determined criminal drives a company to financial ruin”.
Doesn’t make sense to us, since if you can’t make auditors accountable, who the hell is accountable? Hey, whatevs, we’re sure the Big 4 and other accounting firms won’t be celebrating long anyway, since a ruling like this won’t happen in the States, which is where the serious money gets handed over.
Auditors win ruling over Madoff-style frauds [FT.com]

Big 4 firms dodge a bullet in the UK as the highest court dismissed a negligence lawsuit against an accounting firm that failed to detect fraud that brought down a trading company. The ruling will significantly limit the firms’ liability in cases “where a determined criminal drives a company to financial ruin”.
Doesn’t make sense to us, since if you can’t make auditors accountable, who the hell is accountable? Hey, whatevs, we’re sure the Big 4 and other accounting firms won’t be celebrating long anyway, since a ruling like this won’t happen in the States, which is where the serious money gets handed over.
Auditors win ruling over Madoff-style frauds [FT.com]

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Related articles

Deloitte University Is Getting Bigger Because God Forbid KPMG Have the Superior Brainwashing Compound

Dallas Morning News reported yesterday that groundbreaking on a “massive expansion” of the already massive Deloitte University campus in Westlake, Texas will begin in January. Deloitte’s been wanting to expand for a while but was waiting on Tarrant County commissioners to approve more than $5 million in tax breaks. “We certainly appreciate the great corporate […]

Happy and sad funny face ball character in crowd 3d render

EY Survey: Gen Z Is Broke, Anxious, and Extremely Worried About Everything. We Can’t Blame Them

EY put out a press release on the results of its 2023 Gen Z Segmentation study yesterday and it’s not good. Less than a third (31%) of those born between 1997 and 2007 surveyed feel financially secure, more than half (52%) said they are very or extremely worried about not having enough money. Mind you […]