ACCA comes out against disclaimers
The Association of Chartered and Certified Accountants is going head-to-head with the ICAEW after it warned its members not to introduce disclaimers of liability into their audit reports.
The body said that the introduction of such disclaimers, first introduced by PricewaterhouseCoopers late last year, could be seen to devalue the audit and advised members to avoid using them wherever possible. It is how providing guidance on ways to limit liability without damaging the value of the audit.
The ICAEW has already stated that members should include such disclaimers in reports, but only after PwC and Ernst & Young had already initiated such proceedings.