PracticeAuditRobson Rhodes backs proportional liability

Robson Rhodes backs proportional liability

Mid-tier firm Robson Rhodes says a move from joint and several liability to proportional liability would be fair and also serve the public interest.

Link: DTI ‘actively’ considers audit cap

Senior partner at the firm, Chris Connor, said this would be the most ‘appropriate and equitable change’ ensuring that corporate governance is improved and competition in the market for auditors increased.

In a letter to the FT Connor also backed reforms based on liability being capped at a suitable multiple of the audit fee.

He said setting the liability cap at an absolute level, say £100m, would assist only a few firms and could therefore be anti-competitive in practice.

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