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.’
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
Investment in people, tech and businesses impacts on EY's profit per partner figure
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned