"Era of Auditor self regulation must end"

censuspro

So says Sean Sherlock TD, you can read the press release here

There appears to be a growing resentment outside the profession that auditors should be held liable especially in the wake of the recent banking crisis.

In the U.S. KPMG got hit with a $1bn law suit for gross negligence, you can read this article in today's paper.

In England, former chancellor Nigel Lawson is demanding that the government sue the auditors of collaosed banks. You can read the article here.

The CCAinsider

Auditors are not self regulated. IAASA (www.iaasa.ie) regulates the professional bodies who regulate the auditors. In the UK the AIU regulate the auditors of quoted entities and a similar system operates in the US. In respect to legal liability, in the UK almost all big auditors are LLP's and therefore protected. There is a statutory audit liability cap in most EU countries and in Ireland we still have joint and several unlimited liability for auditors.

kluivert

Professional accounting organisations also come under the strict guidelines of IFAC.

This is a typical example of yet another government offical clearing not understanding the facts.

Mr. Incognito

More labour ill educated populist dribble. Yawn.