Audit Reform: Aligning Risk With Responsibility

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

  1. Why do shareholders need an audit?
  2. The future of audit – feedback from stakeholders

The implications of reform for auditors’ liability

  1. The auditor’s duty of care
  2. The duty of care in respect of other forms of assurance and undertakings
  3. Joint and several liability   
  4. Measures that have been taken to address liability concerns
  5. The merits of proportionate liability as abasis for limiting auditor liability
  6. The arguments against reforming the rules on liability


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