Anstee slams liability ‘conspiracy theory’

The chief executive of the ICAEW has said that investors opposed to the
introduction of proportionate liability are following a misguided ‘conspiracy
theory’ over the conduct of the auditing profession.

Eric Anstee hit out at claims by influential investor groups that the
introduction of international standards on auditing, which will be enshrined in
law by the European Union’s Eighth Company Law Directive, will damage audit
quality and reduce auditor exposure.

‘There is a conspiracy theory that the International Auditing and Assurance
Standards Board is being dictated to by the big accountancy firms, and that the
big firms are trying to set standards that lower the requirements and reduce
their legal liabilities, said Anstee in the Financial Times. ‘I don’t
think that’s the situation at all.’

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