Welcome to Reed Smith’s accountancy forum newsletter. This newsletter will cover a range of issues affecting accounting firms, with a core focus on liability and regulatory risk. In this edition, we consider liability issues arising from the standard of care imposed on auditors under the FRC’s Audit Enforcement Procedure and the recent CMA market study. Please do get in touch with any questions, and if there’s a particular issue or case that you’d like us to cover in an upcoming edition, we would love to hear from you.