What is the duty of an accountant to provide financial information to the general public?

The duty is not owed to anyone who could foreseeably hear of and rely on the advice. At present it is only owed to those of a limited class, with the defendant’s knowledge, who use and rely on the statement. The principle was stated by Dickson J. (as he then was) in Haig v. Bamford, 1976 CanLII 6 (SCC), [1977] 1 S.C.R. 466, [1976] 3 W.W.R. 331 at 338, 27 C.P.R. (2d) 149, 72 D.L.R. (3d) 68, 9 N.R. 43 [Sask.]: The increasing growth and changing role of corporations in modern society has been attended by a new perception of the societal role of the profession of accounting. The day when the accountant served only the owner-manager of a company and was answerable to him alone has passed. The complexities of modern industry combined with the effects of specialization, the impact of taxation, urbanization, the separation of ownership from management, the rise of professional corporate managers and a host of other factors have led to marked changes in the role and responsibilities of the accountant and in the reliance which the public must place upon his work. The financial statements of the corporations upon which he reports can affect the economic interests of the general public as well as of shareholders and potential shareholders.