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Mark Cannon QC

Accountants, Auditors & Actuaries

Mark has acted in many claims against accountants and auditors, including claims for negligent audit work, negligent preparation, review and audit of management accounts and negligent advice (including negligent tax advice, both corporate and personal).  He is highly numerate and has a thorough understanding of the audit process, the statutory and regulatory regimes and the relevant auditing standards.

Recent and current work includes:

  • Rushmer v. Mervyn E. Smith & Co [2009] EWHC 94 (QB); [2009] Lloyd's Rep. PN 41: Successful defence of a claim by director/shareholder /guarantor against auditor and accountant of company; issues as to duty of care, causation, loss, reflective loss and abuse of process.
  • University of Keele v. Price Waterhouse [2004] EWCA Civ 583; [2004] PNLR 43 and [2003] EWHC 1595 (Ch); [2004] PNLR 8 (loss of a chance to implement a valid profit related pay scheme).
  • Acting for a City firm of solicitors in a claim against a major firm of accountants for failure to detect theft of client money by a partner.
  • Acting for a major firm of accountants on a claim for allegedly negligent tax advice in relation to a complex commercial property transaction.
  • Acting for co-defendants in contribution proceedings between them and a major firm of accountants for allegedly negligent drafting of financial instruments issued as part of a takeover.
  • Advising a university as to a potential claim against its former auditors, a major firm of accountants.
  • Acting for a credit management services company on a claim against its former auditors, another major firm of accountant

Mark also acted for Maxwell pension funds (in particular MCC pension fund) against the auditors of pension funds and fund managers.  He will be editing the chapter on Accountants and Auditors in the forthcoming 8th edition of Jackson & Powell on Professional Liability.