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Professional misstatement – disclaimer

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA LW Exams › Professional misstatement – disclaimer

  • This topic has 6 replies, 3 voices, and was last updated 8 years ago by MikeLittle.
Viewing 7 posts - 1 through 7 (of 7 total)
  • Author
    Posts
  • December 6, 2016 at 9:27 pm #354767
    fozzie
    Member
    • Topics: 2
    • Replies: 3
    • ☆

    Hi,

    Was wondering if anyone could help me with a section B question in the Kaplan revision test.

    “Charles was considering buying Olivers bar. Charles requested info from Oliver’s accountant re turnover, the accountant stated it was in the region of £200,000 and that this information was give without any responsibility on his part.

    Charles subsequently bought the bar and although in several years previously turnover had once approached £200,000, generally it was about £150,000”.

    I understand that the accountant owes a duty, but the answers also state the account is liable for the loss suffered, does the disclaimer not cover this?

    Thanks
    Michael

    December 7, 2016 at 5:17 am #354816
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23333
    • ☆☆☆☆☆

    When a professional is called upon for advice and that professional KNOWS that the advice will likely be acted upon, then there is a duty of care and no disclaimer can be effective in that situation

    RBS v Bannerman is a close similarity

    December 7, 2016 at 12:51 pm #354983
    fozzie
    Member
    • Topics: 2
    • Replies: 3
    • ☆

    Okay thanks, so a disclaimer would only be of use against third parties that were relying on the advice, like Barclays v Grant Thornton?

    December 7, 2016 at 3:16 pm #355076
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54745
    • ☆☆☆☆☆

    Mike is travelling all day today, so please be patient – he will answer you tomorrow 🙂

    December 8, 2016 at 12:11 am #362081
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23333
    • ☆☆☆☆☆

    Thanks John

    Fozzie, essentially you’re correct – where an opinion is given and the person giving that opinion knows (or has good reason to believe) that that opinion will be relied upon by person or persons known or unknown, then the person giving the opinion has a duty to be very careful when making their statement

    Ok?

    December 8, 2016 at 7:52 am #362165
    fozzie
    Member
    • Topics: 2
    • Replies: 3
    • ☆

    Yes, thanks!

    December 9, 2016 at 10:42 pm #362872
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23333
    • ☆☆☆☆☆

    You’re welcome

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