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lie in a penumbra. But any service that lies wholly within the practice of law cannot lawfully be performed by an accountant or any other person not a member of the bar. Plainly the commencement and prosecution for another of legal proceedings in court and the advocacy for another of a cause before a court, in cases relating to taxes as in other cases, are reserved exclusively for members of the bar. Doubtless the examination of statutes, judicial decisions, and departmental rulings, for the purpose of advising upon a question of law relative to taxation, and the rendering to a client of an opinion thereon, are likewise part of the practice of law in which only members of the bar may engage. A California appellate court ruled Ernst Young was not liable to Union Bank of California, which allegedly relied on Ernst's review report in extending $7 million to ZZZZ Best Co. Z Best's founder, Barry Minkow, Air Yeezy Red October subsequently was convicted of a variety of criminal charges in connection with Z Best's operations and is now serving a long prison term. Ernst reviewed Z Best's Air Max For Ladies
ations that are universally recognized as distinct from the practice of law. The work of an accountant necessarily brings him into touch with rules of law which he must understand if his computations and conclusions are to stand the test of possible litigation. He must know the nature and general legal effect of negotiable instruments, patent rights, corporate stock and bonds of different kinds, insurance policies, and other contracts. He must appreciate the distinction between buying goods, and taking them as bailee, agent, broker or factor. He could hardly prepare a correct account for a partnership without a working knowledge of the main principles of the law of partnership. In preparing an account for a trust estate, he must understand the difference between principal and income, and the rules of law governing the allocation of receipts and expenses to the one or the other. Income taxes have produced a flood of judicial decisions and departmental rulings with which he must have adequate acquaintance, even though he merely works with figures and does not Nike Air Force All Black
A draft copy of this review report was contained in a preliminary prospectus for a $100 million stock offering by Z Best. Union alleged it extended credit to Z Best based on the preliminary prospectus, oral representation by Ernst that Z Best was growing and the reputation of the professionals involved with Z Best, including Ernst. 1. Claims by Union based on alleged oral representations by Ernst were barred by the statute of frauds, which requires that a representation concerning the credit of a third person be in writing to be admissible as evidence. 2. Ernst, because it issued only a review report, specifically declined to express an opinion on Z Best's financial statements. The report expressly disclaimed any right to .
draft tax returns. A sharp line cannot be drawn between the field of the lawyer and that of the accountant.
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financial statements for the three months ending July 31, 1986.
Air Yeezy Red October
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