R E L A T E D C O N T E N T
ADVERTISEMENT
EC recommends limited liabilty for auditors
'... unlimited liability combined with insufficient insurance cover is no
longer tenable' - Charlie McCreevy
Penny Sukhraj,
Accountancy Age 09 Jun 2008
The European Commission has recommended that member states limit the
liability of auditors to encourage growth of alternative firms in the
competitive market.
The recommendation follows consultation on the issue, and also responds to
the increasing trend of litigation against firms who are not sufficiently
covered by insurance that could prevent a network
failure.
The Internal Markets Commission, which made the recommendation, has left it
up to the individual countries to decide on how they will decide on the
appropriate methods of limiting liability with options including proportional
liability, capped liability.
Internal Market and Services Commissioner Charlie McCreevy said: 'After
in-depth research and extensive consultation, we have concluded that unlimited
liability combined with insufficient insurance cover is no longer tenable. It is
a potentially huge problem for our capital markets and for auditors working on
an international scale. The current conditions are not only preventing the entry
of new players in the international audit market, but are also threatening
existing firms. In a context of high concentration and limited choice of audit
firms, this situation could lead to damaging consequences for European capital
markets.'
Further reading:
Liability deals 'won't happen' without backing from SEC
M A R K E T P L A C E
Search for Hardware, Software & Solutions
| Personnel 2000
Applicants must have: • Bachelors degree and professional qualification • No less than 2 years experience • First rate communication and organisational skills • Expert knowledge of MS Office and Lotus Notes • High levels ...
more > | Personnel 2000
Personnel 2000 are working with a global private banking group headquarted in Switzerland with over $70bn AUM. Our client are offering a unique and compeeling opportunity for someone with at least 10 years experience in ...
more > | Personnel 2000
Applicants must hold a Bachelors Degree and a professional qualification (CA/CPA/CFA) with no less than 2 years experience gained in the hedge fund and mutual fund industry. Responsibilities include: • Managing brokerage account cash flows ...
more > | Badenoch & Clark
Strategic Project Lead A fantastic opportunity has become available with one of our largest central government organisations based in central London. The organisation is forward thinking and innovative in its approach to change and is ...
more >
More
Jobs in Finance