The accountancy profession is in the midst of what many would agree is the most testing period
in its history. Recent corporate scandals in the US have led to attention being focused upon the
role and responsibilities of accountants and auditors in the UK as never before. The government is
undertaking a comprehensive review of such issues and is likely to come to a decision on further
legislation and regulation within the next year. It will take into account recommendations from the
European Commission and the International Accounting Standards Board. Issues of risk management,
potential liability and document retention are at the forefront of this debate.
The incidence of claims against accountants is increasing and the professional indemnity
insurance market is hardening. The time seems ripe for a practical and easily accessible review of
the professional indemnity insurance available and claims handling issues, as well as an analysis
of the legal bases of claims against accountants.
INSIDE CLAIMS 2002 provides an overview of claims against accountants and is
intended as a reference tool for both practitioners and their insurers. It is not intended to be an
exhaustive examination of all issues relating to claims against accountants.
INSIDE CLAIMS 2002 does not contain a complete statement of the relevant law.
Readers should always take specialist legal advise in relation to any partiuclar circumstances.
Editors - Rosemary Gare,
Alex Hamer, Nick Bird, Alison Clarke
If you are interested in receiving a copy of INSIDE CLAIMS 2002 please email
client.relations@rpc.co.uk.