PracticeAccounting FirmsE&Y chief in last ditch liability plea

E&Y chief in last ditch liability plea

Nick Land, UK chairman of Ernst & Young, has made an 11th hour appeal to ministers to introduce an auditor liability cap to protect firms from catastrophic litigation,

Link: Anstee calls for liability cap ‘soon’

The embattled Big Four firm is facing a £2.6bn negligence claim from Equitable Life, as well as this morning’s news of a £300m claim from Freightliner, a subsidiary of DaimlerChrysler, according to a report by the Financial Times..

But insiders at the department of trade and industry have told Accountancy Age that a measure is unlikely to be included in the Queen’s Speech next month, with auditor liability unlikely to be addressed until 2004 at the earliest.

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