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.’
Simon Wright of CareersinAudit.com discusses how an effective cyber defence force is critical to businesses worldwide and how internal auditors can make the transition to a new career in cyber security
The FRC has said that the investigation will 'consider, but not be restricted to, issues regarding misstated accounting balances'
Craig Maxwell joins the audit and assurance team in Scotland
Stephen Grayson to join the audit department in Manchester