PracticeAuditLiability caps not dead in the water says E&Y’s Halliday

Liability caps not dead in the water says E&Y's Halliday

Scott Halliday, Big Four firm's UK managing partner, vows efforts to limit auditors liability will continue despite government's snub

E&Y’s UK chief has warned lobbying efforts for auditor liability caps
would carry on despite a
government
snub last month
.

Scott Halliday said the dialogue with clients and regulators was something
that he would remain “very focused on.”

“It would be irresponsible of us to ever stop talking about this,” Scott
Halliday told Accountancy Age.

“[The threat of legal action] is the greatest risk that faces
each of our firms in the Big Four and beyond.”

With clients such as BP and Aviva and private equity powerhouse 3i E&Y
audits some of the biggest names in UK plc.

However the risk of claims against auditors had to be mitigated, Halliday
said.

E&Y’s UK chief believed auditors made easy targets in an environment
which has seen aggrieved investors looking for scapegoats.

“Too often we’re just seen as having deep pockets when we’re having to bear a
greater burden,” Halliday said.

“We need to recognise that these companies play an important role
in the capital markets and we need to come up with an arrangement
that reflects this.”

Further reading:

Investors
wary of liability plan

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