AUDIT LIABILITY DISPUTE
March 1st, 2003
BY ALAN OSBORNTHE EUROPEAN Commission has flatly rejected a proposal by the "big four" accounting firms for a limit to be set on their liabilities. EU internal market commissioner Frits Bolkestein said that unlimited liability was a "quality driver" and Brussels had no intention of intervening to limit liability. His comments followed judgement in a recent Scottish case where the judge ruled that where there were disclaimers on audits, a case could not be brought against an auditor.But Mr Bolkestein said the existing "deep pocket" approach for actions against ...
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