EU will formally recommend member states limit auditors’ liability from the first quarter of next year
Charlie McCreevy, European Commission internal markets commissioner, told the JURI parliamentary committee in Brussels yesterday he would formally recommend member states prepare to limit auditors' liability in the first quarter of 2008.
‘I do not intend to impose the means by which liability is limited. This will be for each member state to decide,’ he said. ‘Existing solutions such as a liability cap, proportionate liability or indeed a contractual arrangement between the auditor and the audited firm would all seem adequate means to deal with this issue. Obviously, liability would not be limited in cases involving wilful misconduct by auditors.
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