1. The accounting firm of Adams, Best & Company (AB&C) prepared financial statements for Brylee's Fashions, Inc. After reviewing the various financial statements, Dan State Bank agreed to loan Brylee's Fashions $35,000 for expansion. When Brylee's Fashions declared bankruptcy under Chapter 11 six months later, Dan State Bank promptly filed an action against AB&C alleging negligent preparation of financial statements. Assuming that the court has abandoned the Ultramares approach, what is the result? What are the policy reasons for holding accountants liable to third parties with whom they are not in privity?
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