Government may need to legislate again to sort out auditor liability mess, says Baker Tilly
The government’s new auditor liability limitation regime was lurching towards crisis this week, as one auditor suggested the government may have to legislate again to sort out the mess.
Audit firms are frustrated with the Financial Reporting Council for delaying crucial guidance on the moves, which they say will hold up the agreements. Limited liability contracts are unlikely to be signed this AGM season. There are further concerns that companies listed in overseas jurisdictions may not be able to limit liability and some expect the government may have to intervene again.
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