PracticeAuditNED may quit audit cap review

NED may quit audit cap review

A key member of the Office of Fair Trading's board could 'step back' from its liability legislation review if conflict of interest concerns arise.

Link: Liability cap: A special report

Christine Farnish, a non-executive member of the OFT board, is also chief executive of the National Association of Pension Funds, which represents combined assets of £600bn.

The NAPF has been extremely vocal in the debate over auditor liability and has said it could not envisage any other solution to apportioning liability than allowing the courts to decide.

The NAPF has also backed calls for a competition inquiry into the activities of the Big Four.

A spokesperson for the OFT said it could not comment on who would be taking part in the inquiry, but said there was a process in place to allow a board member to ‘step back’ from a review if a conflict of interest arose.

The NAPF is also in favour of a longer consultation process before any decision is taken.

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