PracticeAccounting FirmsUS and UK near compromise on audit disclaimers

US and UK near compromise on audit disclaimers

A 'working solution' to the dispute over whether UK audit firms be allowed to include statements limiting their liability on annual reports of companies that file in the US, appears to be on the cards.

Link: ACCA comes out against disclaimers

The Securities & Exchange Commission had previously objected to audit disclaimers, already being used by the UK arms of Big Four firms PricewaterhouseCoopers and Ernst & Young, on the ground that they conflict with US securities guidelines.

However, a compromise agreement could see the disclaimers include a note which would say that it was to be ignored in the US, according to a report in the FT.

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