English Court of Appeal considers application of “SAAMCO” principle in context of auditor’s negligence case

The English Court of Appeal has held that, where an auditor negligently failed to detect management’s dishonest concealment of the claimant’s insolvency, it was liable for the losses suffered by the claimant in continuing to conduct its loss-making business: Assetco Plc v Grant Thornton UK LLP [2020] EWCA Civ 1151. While the decision recognises that … Read more