Rajesh LLP is a top ten accountancy firm and in March 2019 they were completing an audit of Druids Field Hotels Plc group accounts. Rajesh LLP had previously signed off the hotel group's accounts from 2015 to 2018 and stated that the hotel group was in sound financial health. In July 2019 the hotel group collapsed into insolvent liquidation. Druids Field Hotels Plc had received loan funding from Belfast Bank Plc in the amount of 250 million. Belfast Bank Plc are now claiming that Rajesh LLP was negligent as it based its decision to continue with its 250m loan facility to Druids Fields Hotels Plc on the audited accounts. The bank claimed Rajesh LLP was negligent as it had failed to discover fraudulent overstatements of the group's true financial position. When the hotel group collapsed, Belfast Bank Plc was left with a debt it had little chance of recovering. However, in the audit reports, Rajesh LLP had included a clear disclaimer that the reports were solely for Druids Field Hotels Plc and its directors and that Rajesh LLP held no responsibility to anyone else for its audit work. Belfast Bank Plc challenged its stance, arguing that such a disclaimer was unreasonable. Requirement Discuss the above scenario considering the duties that are owed by an auditor to a company.