PracticeAuditEC a year away from liability decision

EC a year away from liability decision

McCreevy eyes EU-wide action on auditor liability limitation

Internal Market commissioner Charlie McCreevy has said he is a year away from
deciding whether limited auditor liability could be applied to firms throughout
Europe.

In a speech given at the Global Public Policy Symposium in London this
morning, McCreevy said there were ‘good arguments in favour of EU action’ when
it came to addressing auditor liability.

The EC has commissioned a report to look at the economic impact of
alternative liability regimes. The results will be available next autumn and
McCreevy said he expects to be in a position to make a decision then.

‘There is a particular fear that the next corporate scandal would reduce the
Big Four to a Big Three,’ said McCreevy. ‘Events have shown that auditors do not
have such deep pockets as some like to think they do.’

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