PracticeConsultingAndersen facing Australian legal challenge

Andersen facing Australian legal challenge

Big Five firm Andersen is facing legal action over the collapse of insurance company HIH.

HIH shareholders and policyholders were reported on FT.com to be considering class action law suits against Andersen, alleging the firm was negligent in its work as auditor of HIH.

The Australian-based insurer appointed KPMG as liquidators in March. The firm indicated liabilities could be as much as £1.4bn and take as long as a decade to work through. A probe has already been launched into the events surrounding the collapse of the company by the Australian Securities and Investment Commission. Three former Andersen partners worked on the board of HIH, which has raised concerns over auditor independence.

According to the FT, a Sydney-based lawyer has compiled a list of 600 retail and institutional shareholders who are ready to take part in a court action against Andersen.

Related Articles

5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

5m Alia Shoaib, Reporter
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

11m Stephanie Wix, Writer
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

12m Kevin Reed, Writer
Deloitte 'self-imposes exile' on government contracts to defuse PM row

Accounting Firms Deloitte 'self-imposes exile' on government contracts to defuse PM row

12m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Julie Adams, Menzies

Accounting Firms Managing partner Q&A - the year ahead: Julie Adams, Menzies

12m Kevin Reed, Writer
Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

Business Regulation Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

1y Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

1y Kevin Reed, Writer
New head of equity capital markets for KPMG

Accounting Firms New head of equity capital markets for KPMG

1y Stephanie Wix, Writer