The ACCA finds that rules governing auditors' liability will need an overhaul if audit is to respond effectively to criticisms made after the financial crisis.
The stakeholder’s view of audit
- Why do shareholders need an audit?
- The future of audit – feedback from stakeholders
The implications of reform for auditors’ liability
- The auditor’s duty of care
- The duty of care in respect of other forms of assurance and undertakings
- Joint and several liability
- Measures that have been taken to address liability concerns
- The merits of proportionate liability as abasis for limiting auditor liability
- The arguments against reforming the rules on liability