Suppose a bank accepts giving money to an organization depending on a favorable appraisal of the firm’s financial statements reviewed by an accountant. The firm eventually becomes unable to repay its debt, causing the bank to lose money. In that case, the accountant might be made responsible. Same as if a customer buys a firm’s shares by analyzing their financial statements like cash flow.
If the firm’s performance is not good, the accountant will be held responsible for the firm’s losses. The firm has to prove that buying a firm’s decision was based on analyzing the firm’s statements like profit and loss statements.
Accountant’s Liability Under Reasonably Foreseeable Users Rule
If the firm in which the accountant works is facing losses because of the accountant’s misinterpretation, the accountant will be responsible for the firm’s failure. This is stated in the agreement between the accountant and firm. The liability of the accountant of the client is purely based on their contract with that firm. In the case of third-party disputes, the possibility of tort responsibility would be crucial.
Such responsibility may occur when an expert performs services for a consumer in situations in which the expert knows or should know:
If another party may rely on the job
If the accountant has made wrong interpretations, then the client will have to face losses.
The scope of accountants’ liability is by establishing the following three elements for the application of a legal duty:
The parties must be within a “reasonable degree of proximity.”
The defendant must have anticipated the customer’s reliance on the remarks.
Imposing a duty of care on the claimant must be both just and reasonable.
Before an accountant does specific tasks, they may be advised that a third person will rely upon the findings. Even though the accountant is not directly notified that the outcomes of their work will be relied upon by a third person, the accountant should examine if this is likely to occur.
Tests to Determine Foreseeability
To determine foreseeability, the objective test is used. The claimant must prove that the claimed loss earnings are the consequence of the accountant’s acts, and the claimant would have anticipated that such activities by the accountant would result in the loss to the claimant than they agreed. In many circumstances, the claimant merely needs to clear out the nature of the activity, which would lead to a loss to one of the partners if it were not performed.
The subjective testing enables conversations and discussions during contractual terms and interactions after the parties have agreed to show that the parties were aware that inability to fulfill would lead to a loss to the client. These findings demonstrate that the loss was anticipated due to the parties’ discussions and was thus foreseeable.
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