Does an accountant have a duty to disclose improper loans and investments?
MultiRegion, United States of America
The following excerpt is from Shapiro v. Cantor, 123 F.3d 717 (2nd Cir. 1997):
3 In IIT v. Cornfield, we held that while an accountant's role may create a duty to disclose errors in financial statements, an accountant has no duty to disclose improper loans and investments since these wrongs are "not dependent on or tied to" the role of an accountant. 619 F.2d 909, 925 (2d Cir.1980).
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