As discussed in the opening reflection, MF Global filed a complaint charging PwC with professional...
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Accounting
As discussed in the opening reflection, MF Global filed a complaint charging PwC with professional malpractice, breach of contract, and unjust enrichment in connection with its advice concerning, and approval of, the companys off-balance-sheet accounting for its investments. The courts decision points out that absent PwCs advice, MF Global Holdings would not have invested heavily in European sovereign debt to generate immediate revenues and would not have suffered the massive damages that befell the company in 2011. Do you believe that auditors should be held legally liable when they advise clients on matters related to the companys finances that turn out to be wrong? Explain with reference to legal and professional standards.
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