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SHOULD accountants be liable to third parties if they conduct an audit in a negligent manner? A half century ago, in Ultramares Corporation v. Touche, Niven & Co.,' Cardozo argued that they should not, unless their performance could be characterized as fraud. In recent years, courts in a minority of jurisdictions have concluded that Cardozo's argument is no longer compelling and they have found that "foreseeable" third parties could bring a tort action for ordinary negligence against the accountants.2 In addition to being subject to tort actions, accountants may also be liable under federal and state securities laws.3

Accountable Accountants: Is Third-Party Liability Necessary?