Accountants' Liability

We specialise in defending professionals against liability claims, regulatory investigations brought by the Financial Reporting Council, ICAEW and other regulators, and advising on disciplinary-related matters.

We advise on a broad spectrum of claims including allegations of negligence relating to audits, tax, corporate valuations, wrongful/fraudulent trading and fraud. We also advise on mitigation strategies and emerging risks such as financial disclosures, ESG metrics, cybercrime and data theft.

We work with accountancy practices of all sizes including the "Big Four", the mid-market and smaller firms. Our comprehensive network of offices across the UK means we can tailor teams geographically and deliver practical, cost-effective, commercial solutions.

Our international reach and reputation means we are frequently instructed in high value and complex claims against accountants in offshore jurisdictions including the Channel Islands, Isle of Man, BVI and Caymans.

Featured experience

• Successfully defending a firm of tax advisors in a £35m claim by the liquidators of a property investment club. Following a 5 week trial, our clients were completely exonerated of allegations of negligence, dishonest assistance and unlawful means conspiracy.
• Defending a mid-market firm in a c.£92m claim for alleged negligent auditing brought by UK subsidiaries of an international media group based in Sweden.
• Acting for a Big Six firm and a number of its audit partners in an investigation by the Financial Reporting Council (FRC) into misconduct of a former employee, a senior audit manager, who forged the signatures of audit partners on audit opinions. We are also advising on legal claims brought by affected clients.
• Representing a Big Six audit firm and its audit partners in a FRC investigation concerning breaches of ethical standards, resulting in a settlement acceptable to all parties.
• Successfully repudiating several multi-million pound claims concerning alleged negligent advice given to clients to invest in tax avoidance schemes (including a high profile film partnership and a failed property investment scheme).
• Defending c.£40m claim for alleged negligent audit and VAT advice, and involving complex issues arising out of a HMRC challenge.
• Successfully challenging HMRC’s interpretation of the rules regarding a tax incentive scheme, and thereby mitigating a formal claim against the accountancy firm that it (allegedly) failed to structure the floatation of a property company to qualify for Enterprise Investment Scheme relief.