1. RCBC entered into an agreement to purchase shares of Bankard based on Bankard's financial statements certified by auditors.
2. RCBC later claimed the financial statements were overstated by PHP 478 million, resulting in an overpayment of PHP 616 million.
3. The auditor failed to properly audit and account for Bankard's finances, exhibiting a lack of professional competence and due care. This led to a material misrepresentation and breach between RCBC and Bankard.
1. RCBC entered into an agreement to purchase shares of Bankard based on Bankard's financial statements certified by auditors.
2. RCBC later claimed the financial statements were overstated by PHP 478 million, resulting in an overpayment of PHP 616 million.
3. The auditor failed to properly audit and account for Bankard's finances, exhibiting a lack of professional competence and due care. This led to a material misrepresentation and breach between RCBC and Bankard.
1. RCBC entered into an agreement to purchase shares of Bankard based on Bankard's financial statements certified by auditors.
2. RCBC later claimed the financial statements were overstated by PHP 478 million, resulting in an overpayment of PHP 616 million.
3. The auditor failed to properly audit and account for Bankard's finances, exhibiting a lack of professional competence and due care. This led to a material misrepresentation and breach between RCBC and Bankard.