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 论文编号：
lw200707090930497068 |
| 论文属性：
Courswork |
| 论文语言：English |
| 论文国家：China |
| 登出日期： 2007-07-09 |
| 字数： 2917 |
| 源程序：
无 |
| 价格：
150 |
| 注明： |
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| 论文大纲，目录 |
| 关键词搜索：BUSINESS LAW RISK CONTROL AND THE LAW |
Li and Qiang. In addition, after paying for Walter’s loss, Qiang has the right to take another legal action against Li for asking for his loss from Li’s misconduct. Since the fact of this case is located in Hong Kong, relative laws of China will be applied in it.
Question 4
The issue of this case is whether either the HKEX, or the firm of auditors Arthur Ng and Son owed a duty to take reasonable care to Central Bank [Esanda Finance Corporation Ltd v Peat Marwick Hungerfords (1997) 71 ALJR 448]. The following will prove that Central Bank can bring an action to seek damages for negligent misrepresentation against the firm of auditors Arthur Ng and Son.
Firstly, the firm of auditors Arthur Ng and Son owed a duty of care to Central Bank [JEB Fasteners Ltd v Mark Bloom & Co (1981) 3 All ER 289]. Due to the HKEX would rely upon their audit report to make decisions whether take any further action to ENROB, the firm of auditors Arthur Ng and Son's responsibility is to scrutinize the ENROB's accounts to disclose a true and fair reflection of its financial position. Also this audit report is a public document, and so it would be relied upon by Central Bank when they invested. Therefore, though Central Bank is the third party, there is a special relationship between the firm of auditors Arthur Ng and Son and Central Bank. Moreover, the firm of auditors Arthur Ng and Son should be reasonable foreseeable that their audit report would be evidence of the HKEX's decisions and inve英语论文网 【http://www.51lunwen.org】stors would rely on, so they should take the reasonable care to investors. In addition, whether there is a reasonable reliance between the auditors and Central Bank is important. Because the firm of auditors were the highly respected accounting firm, it is reasonable the HKEX and investors also highly relied upon the audit report. The audit report was prepared for the HKEX to scrutinize the ENROB's accounts to avoiding any loss of investors [Esanda Finance Corporation Ltd v Peat Marwick Hungerfords (1997) 71 ALJR 448]. Furthermore, although the audit report was qualified by a disclaimer that it was prepared solely for the information and use of the HKEX, the disclaimer could not be effective because there is a special relationship existed between the firm of auditors and Central Bank, the firm of auditors owed a duty of care to Central Bank to take reasonable care in providing this audit report [Hedley Byrne Co Ltd v Heller and Partners Ltd (1964) AC 465].
Secondly, the firm of Arthur Ng and Son breached the standard of care because the firm of Arthur Ng and Son has failed to exercise the required standard of care. Under this situation, the firm of Arthur Ng and Son were required to exercise reasonable care avoiding any risk to the investors of firm in exercise of their judgment and in expressing the information or advice which they choose to conveying. And the firm of Arthur Ng and Son was highly respected chartered accounting firm, thus they should be very professional
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