Accounting firm PricewaterhouseCoopers (PwC) has thrown auditor liability into turmoil by amending its audit opinion to limit the extent to which banks can rely on audited accounts.
The change has been prompted by a legal case, which allows banks to sue the auditors to reclaim loans. In the case, between a Glasgow auditor and a bank, the bank claimed it had relied on audited accounts when deciding to make a loan.
Glyn Barker, of PwC's advisory services said: "The legal advice we have received is clear that we have to include a disclaimer, otherwise accountants could be effectively underwriting the bad lending decisions of the banks."
PwC have now decided to include the sentence: "We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or in whose hands it may come save where expressly agreed by our prior consent in writing."
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