Lawsuits threaten US audit firms

Lawsuits threaten US audit firms

Dire warning issued by US Chamber of Commerce

Auditors in the US are ‘on the edge of disaster’ due to the enormous
litigation liabilities faced by the Big Four firms, the US Chamber of Commerce
has warned.

It called on regulators, business and auditors to do more to tackle the
threat of lawsuits.

The US Chamber of Commerce comments reflected the concern over the
possibility that one of the Big Four – PwC, Deloitte, KPMG or Ernst & Young
– could collapse if multi-million dollar lawsuits were brought against a firm
for alleged negligence, the FT reported.

Former Big Five firm Andersen collapsed in the wake of Enron in late 2001.

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