Since the start of 2006 more than 90 US companies have disclosed liability
agreements with their auditors, a massive jump on the handful that did so last
These agreements limit the companies’ ability to hold outside auditing firms
responsible for any problems with the accounts they sign off on.
The majority of the 90 companies are the clients of Big Four firms Ernst
& Young and KPMG, according to The Wall Street Journal.
Most of the provisions rule out a company seeking punitive damages from their
auditor, or require that any accounting disagreement travel through arbitration
or mediation, not the courts.
They do not, however, limit the rights of third parties, such as
shareholders, to sue an auditor
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
Investment in people, tech and businesses impacts on EY's profit per partner figure
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned
Dr Richard Willis provides a several thousand-year history lesson of the profession, from origin to modern-day