Not surprisingly, the government's utterances on the liability of auditors has attracted a great deal of attention. Obviously there will be more chapters and columns to be written about that story, This will not be one of those columns, for the statement has brought another story to mind. One of my first cases as an expert witness concerned a public school. It was a long-established school, which was set up as a charitable trust. No-one had ever taken the sort of advice that would have divorced the trading of the school from the trust. All of the trading was therefore carried on within the trust.
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