PracticeAccounting FirmsICAS wants ‘impartial’ report on audit cap

ICAS wants 'impartial' report on audit cap

ICAS has joined the backlash against the Office of Fair Trading's report into auditor liability, by calling for a more detailed impartial review of the arguments presented in the report.

Link: Liability cap special report

In a letter sent to trade secretary Patricia Hewitt, ICAS president Ian Robertson expressed disappointment ‘that many of the conclusions reached by the OFT appear to have been based on assumptions which are not wholly supported by fact’.

He argued that the report had not fully assessed the potential anti-competitive implications of not introducing a cap due to the time constraints put on the OFT, making it impossible to gather new evidence.

‘While we understand that the OFT report cannot be discarded – and indeed contains some useful evidence – we would request that, before this debate is concluded, a more detailed impartial review be undertaken of the arguments presented by the OFT. This would allow the eventual decision on the way to deal with the liability issue to be taken against a background of a more sustainable view of the impact on competition.’

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