Discuss the relevant ethical and legal issues raised by the fictitious scenario below. You should divide your work into four paragraphs, numbered, corresponding with the paragraphs of the scenario (i.e. 1 to 4).

| February 14, 2018

Accountancy firm Williamson Baker & Co. signed off the audit of the accounts of True Building Group Ltd whose accounts showed sound financial health. Within months of this True Building Group Ltd had collapsed. Main Street Bank have sued Williamson Baker for negligence because they say that they partly based their decision to continue a £40 million loan facility to the group on the audit report. The claim of negligence was based on the fact that Williamson Baker had failed to discover …

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