PracticeAccounting FirmsLawsuits 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.

Related Articles

BDO’s global revenues pass $8bn

Accounting Firms BDO’s global revenues pass $8bn

6d Alia Shoaib, Reporter
Top 40 International Networks, Associations and Alliances: Finding growth amid uncertainty

Accounting Firms Top 40 International Networks, Associations and Alliances: Finding growth amid uncertainty

1w Philip Smith, Reporter
Top 40 International Networks, Associations and Alliances 2017: Big Four tussle for top spot

Accounting Firms Top 40 International Networks, Associations and Alliances 2017: Big Four tussle for top spot

1w Emma Smith, Managing Editor
BDO reports revenue growth of 5.7%

Accounting Firms BDO reports revenue growth of 5.7%

2w Alia Shoaib, Reporter
Taylorcocks announces merger with Surrey firm

Accounting Firms Taylorcocks announces merger with Surrey firm

2w Emma Smith, Managing Editor
Kingston Smith reports 7% gender pay gap

Accounting Firms Kingston Smith reports 7% gender pay gap

2w Emma Smith, Managing Editor
RSM announces two partner promotions

Accounting Firms RSM announces two partner promotions

3w Emma Smith, Managing Editor
Backsourcing: The latest accountancy trend?

Accounting Firms Backsourcing: The latest accountancy trend?

1m Pillsbury Winthrop Shaw Pittman