Beale and Company solicitors have published research which has found that only 17% of 100 audit firms had managed to agree a contract with a client to limit their liability for damages. A report in Accountancy Age cited the research, which noted that the use of a liability limitation agreement (‘LLA’) was more prevalent among […]
Read MoreThe UK’s audit watchdog, the Auditing Practices Board (APB) has issued its latest consultation paper with a view to updating its ethical guidelines on the vexed issue issue of auditor consultancy services. In the UK regulatory construct, the audit is produced for the benefit of shareholders and consulting for the benefit of management. Investors have long […]
Read MoreU.S. judge, Lewis A. Kaplan, has ruled that two lawsuits brought by Parmalat Finanziaria SpA bond and share holders and Parmalat SpA CEO Enrico Bondi, can proceed against auditing firm Grant Thornton International in relation to the collapse of Parmalat Finanziaria in 2003. Speaking in the U.S. District Court for the Southern District of New […]
Read MoreThe Board of Satayam is understood to be taking steps to remove the Company’s auditor, PriceWaterhouseCoopers, following the failure by the audit firm to detect the €1.5bn fraud. The Company has not however confirmed the move, although The Times of India reported that the President of the Institute of Chartered Accountants of India, Uttam Prakash […]
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