Archive for the 'auditors' Category

House of Lords report attacks ‘complacency’ of Big Four auditors in financial crisis, urges competition investigation – Daily Telegraph

“The House of Lords has recommended that Britain’s competition authorities investigate the world’s ‘Big Four’ auditing firms who failed to warn regulators about banks before the financial crash.”

Full story

Daily Telegraph 30th March 2011

Source: www.telegraph.co.uk

R (Veolia ES Nottinghamshire Ltd) v Nottinghamshire County Council (Shlomo Dowen and The Audit Commission for Local Authorities and the National Health Service for England, interested parties) – WLR Daily

R (Veolia ES Nottinghamshire Ltd) v Nottinghamshire County Council (Shlomo Dowen and The Audit Commission for Local Authorities and the National Health Service for England, interested parties) [2010] WLR (D) 273

“The right of ‘persons interested’ under section 15(1) of the Audit Commission Act 1998 to inspect the accounts to be audited and all books, deeds, contracts, bills, vouchers and receipts relating to them did not stretch, on the facts, to examination of commercially sensitive material which was protected by art 1 of the First Protocol of the European Convention for the Protection of Human Rights and Fundamental Freedoms.”

WLR Daily, 2nd November 2010

Source: www.lawreports.co.uk

Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.

Bodies subjected to ICO audit will escape immediate fines – OUT-LAW.com

“Privacy watchdog the Information Commissioner’s Office (ICO) has said that it will not use new powers to fine organisations for data protection law breaches if those breaches are discovered as part of one of its audits.”

Full story

OUT-LAW.com, 12th February 2010

Source: www.out-law.com

MPs attack ‘lax’ Legal Services Commission – Law Society’s Gazette

“The Public Accounts Committee has today lambasted the Legal Services Commission for its handling of legal aid funds.”

Full story

Law Society’s Gazette, 2nd February 2010

Source: www.lawgazette.co.uk

Stone & Rolls Ltd (in liquidation) v Moore Stephens (a firm) – WLR Daily

Stone & Rolls Ltd (in liquidation) v Moore Stephens (a firm) [2009] UKHL 39; [2009] WLR (D) 277

“A company, which was in the exclusive control of its sole director and shareholder so as to be primarily liable for frauds committed against third parties, could not bring an action for damages against its auditors on the basis that they had failed to detect ‘the very thing’, namely its fraudulent activities, they were engaged to prevent since any such claim would be based on the company’s own illegal conduct and was accordingly debarred by the principle of ex turpi causa non oritur actio.”

WLR Daily, 31st July 2009

Source: www.lawreports.co.uk

Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.

Auditors plead for help amid fear of lawsuits – The Times

“Leading accountants will meet the Government this week to plead for protection as they prepare for a surge in litigation from investors trying to recover their losses from big company failures.”

Full story

The Times, 27th April 2009

Source: www.timesonline.co.uk

Watchdog to investigate XL auditors – The Guardian

“The auditors of the collapsed tour operator XL Leisure are to be investigated by the profession’s disciplinary watchdog after a request from Britain’s largest accountancy institute.”

Full story

The Guardian, 16th October 2008

Source: www.guardian.co.uk


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