Auditors' liability - the great debate begins
The Department of Trade and Industry's new paper on audit practice in the wake of Enron offers a chance to redefine the nature of accountants' professional liability
The financial scandals of Enron and WorldCom in the US, and now Parmalat in Europe, have further fuelled the debate on the role of auditors and their potential liabilities. Regulators and fund managers have lined up on one side to insist on a clear divide between auditors and their clients to ensure impartiality, while on the opposite side the accountancy profession says that auditors are facing unlimited potential liabilities caused by directors' negligence or fraud, which is ultimately
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