Hopkins Steel Ltd. was a long-established corporation operating in Ontario. A few years ago it decided to change its bank and moved its account to the Canadian Business Bank. Before accepting the account, the bank made various inquiries and, in particular, examined the audited accounts of Hopkins over the preceding three years. The accounts showed a consistent record of profitability, growing steadily over the years. With this information the bank agreed to extend a line of credit to Hopkins and, over the following year or so, made advances to it totalling more than $2 million.

Shortly thereafter, Hopkins ran into serious trouble and eventually was forced into bankruptcy with debts in excess of $2 million. The bank brought a claim against Cross, Jones, and Sparrow, the accounting firm that had audited the annual accounts of Hopkins during the years in question. The bank claimed that the accounts for the preceding years, which it had examined before granting the loans, were inaccurate and had been negligently prepared and that Hopkins was already in serious trouble before the bank accepted it as a client.

In each case, the audited accounts contained the following statement:

_{We have examined the balance sheet of Hopkins Steel Limited as at [date] and the statements of earnings, retained earnings, and changes in financial position for the year then ended. Our examination was made in accordance with generally accepted auditing standards, and accordingly included such tests and other procedures as we considered necessary in the circumstances.}

According to the evidence, during the years in which Cross, Jones, and Sparrow provided services to Hopkins, it also from time to time provided further information with respect to Hopkins to third parties, such as creditors and a bonding insurer for the company, and provided Hopkins with a number of copies of its financial statements and audit reports.

Does the bank have any claim against the accounting firm?