Partner Paul Brehony comments on the recent Grant Thornton Supreme Court ruling

By Paul Brehony

Partner Paul Brehony comments on the recent Supreme Court ruling stating Grant Thornton will have to pay its client Manchester Building Society £13.4m in damages.

Paul’s comments were published in Accounting Web, 24 June 2021, and can be found here.

“The Supreme Court has backed a £32.7m damages claim against Grant Thornton over suspect advice given to a client, in a ruling which experts say may leave other auditors open to litigation.

The decision will fuel further scrutiny of the audit world during a difficult time for the top firms, said Paul Brehony, partner and specialist insolvency disputes expert at Signature Litigation. “It demonstrates that where an auditor is held liable for a company’s losses, significant damages can follow,” Brehony said. “Going forward, we can expect an uptick in corporate failures as pandemic support measures are eventually withdrawn. Audit firms are deep-pocketed targets and large claims for negligence and potential wrongdoing seem inevitable at this time.””

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