There will be considerable time before any limited liability agreements are tested by the courts
Auditors and companies who are set to enter into limited liability agreements negotiations in the New Year have been given 'sensible and balanced' guidance.
Partner at Barlow Lyde & Gilbert, Simon Konsta, said the Financial Reporting Council's draft guidance accommodated the concerns of both the financial community and the auditing profession.
The FRC's draft guidance, written by a working group led by former Commercial Court judge Sir Anthony Colman, set out clear examples of how to achieve the requirements of the Companies Act, which allows for limited liability arrangements between auditors and their clients as of April 2008.
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