Andersen, the auditor of failed energy giant Enron, faces millions of dollars in claims from shareholders and creditors and most of its national arms have been sold off to rival firms.
Wyman told The Business the profession needed more protection to limit their liability from claims made by companies they audit. This provision should be included in the ‘Companies Bill’ said to be announced in the Queen’s speech in November.
He said that post-Andersen, many firms were already becoming selective about the clients they chose.
‘With some companies, however good the audit is, you can’t be confident that you won’t be exposed to claims.’
UK senior partner Phil Verity has been elected for a second term at Mazars
An audit partner has been appointed at Grant Thornton in its North West offices
KPMG has been appointed with “immediate” effect as the auditor of Dorcaster
The audit for Ibstock will be taken over by Deloitte following a competitive tender process