Centre for Audit Quality calls for cap to prevent the collapse of another auditor
The push for auditor liability limitation in the US received a boost today when an influential audit group threw its weight behind the movement.
The Centre for Audit Quality, an autonomous organization which is aimed at serving investors, auditors and the capital markets by improving audit quality, has urged the US Treasury to consider setting a cap or introduce proportionate liability to reduce the risk of the collapse of another firm through litigation
In a letter sent to the Treasury last week, the CAQ said that the six biggest audit firms had faced 90 lawsuits with claims from $100m (£50m) to $10bn (£5bn).
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