New Jersey § 2a:53a-25

§ 2a:53a-25.

a. As used in this act: (1) “ Accountant ” means a person who is registered as a certified public accountant pursuant to the

provisions of P.L.1977, c. 144 ( C. 45:2B-1 et seq. ), or an accounting firm which is organized for the practice of public accounting

pursuant to the provisions of P.L.1977, c. 144 ( C. 45:2B-1 et seq. ) and P.L.1969, c. 232 ( C. 14A:17-1 et seq. ). (2) “ Bank ” means a State or federally chartered bank, savings bank, savings and loan association,

credit union, a group of such institutions or its affiliates, subsidiaries, co-lenders,

successors or assigns. (3) “ Client ” means the party directly engaging an accountant to perform a professional accounting

service. (4) “ Professional accounting service ” includes, but is not limited to, the compilation, review, certification, or audit

of, or the expression of a professional opinion or other reporting on, a financial

statement or other information covering a specified period of time. (5) “ Specified transaction ” means a particular transaction between a client and a claimant. b. Notwithstanding the provisions of any other law, no accountant shall be liable

for damages for negligence arising out of and in the course of rendering any professional

accounting service unless: (1) The claimant against the accountant was the accountant's client; or (2) The accountant: (a) knew at the time of the engagement by the client, or agreed with the client after

the time of the engagement, that the professional accounting service rendered to the

client would be made available to the claimant, who was specifically identified to

the accountant in connection with a specified transaction made by the claimant; (b) knew that the claimant intended to rely upon the professional accounting service

in connection with that specified transaction; and (c) directly expressed to the claimant, by words or conduct, the accountant's understanding

of the claimant's intended reliance on the professional accounting service; or (3) In the case of a bank claimant, the accountant acknowledged the bank's intended

reliance on the professional accounting service and the client's knowledge of that

reliance in a written communication.