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Memorandum of Advice Legal Liability of Accountants & Auditors Under Australian Law Memorandum of advice Legal liability of Accountants and Auditors under Australian Law BACKGROUNG AND PURPOSE OF THE MEMORANDUM As requested by Mr. Athula I have been asked to explain legal aspects of the liability of an accountant/auditor to the clients. As we move forward with this memorandum you will find how situation have been changed in Australia regarding Accounting & Auditing profession since last few years, and how vulnerable are these professionals under Trade Practices Act 1974, Common Law and Corporations legislation. STATEMENT OF ISSUE (S) Both Accountants & Auditors are skilled professionals who possess responsibility to provide true and fair value of financial statements. Failing to perform their duties may give rise to several serious and legal issues resulting to strict actions against them under law.> Vulnerability of Accountants & Auditors for negligent action at Common Law & Trade Practices Act:...

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