King & Queen has been notified by EFL’s solicitors that they are taking action against your firm based on the audit of the 30 June 2012 financial report. EFL claim that the cause of Impulse’s failure related to the inadequate provision for doubtful debts and a fall in the value of inventories on hand, and that these problems were evident at 30 June 2012, but had not been adequately dealt with in the financial report due to your negligence. They also claim that they would not have given the loan to Impulse if the 2012 financial report had been qualified.Required(a) Would King & Queen be liable to EFL? Provide specific case references to support youranswer.(b) Would your answer change if EFL had written to King & Queen advising you that theyintended to make a loan to Impulse and were relying on the 2012 audited financial report to assist them in making their decision?
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