PART 3 Accountancyfirm Megson Gibson& Co, signedoff the audit of the accountsof JackBeam RestaurantsGroup Lid, a group of restaurantswhose accountsshowed sound financial health Within monthsof this JackBeamRestaurantGroupLtd hadcollapsed Legal proceedingshave begunand Houghton 's Bank havesuedMegson Gibson & Co for negligencebecausehey say that Megson Gibson& Co shouldhaveidentified the severity of Covid-19 on JackBeamRestaurantGroupLtd. The claim of negligencewas basedon the fact that Megson Gibson & Co had failed to discoverfraudulentoverstatementof the group'strue financial position Megson Gibson & Co had included a clear note within their audit report that "it is managementsesponsibility to addresseshe going concern of Jack Beam Restaurants Group, andthey held no responsibilityto anyoneelsefor their auditwork". Required 1. Whatis the currentegalpositionegardingegligencby professionals the UK andhowhasthisdevelopedvertheyears 2. Are Houghton Banklikelyto besuccessf ul in theirlawsuit andwhy? You need to refer to legislation and at least 6 relevant cases including 3 from the last 10 years