John Castellani, president of the Business Roundtable, a lobby group comprising the CEOs of some of America’s biggest public companies, said he was in favour of limiting auditors’ liability.
He cited his fear of a Big Four being reduced to a Big Three as a result of a large liability claim as his main concern.
He also disagreed with the UK’s Office of Fair Trading by saying that a limit on liability could help increase choice by encouraging the smaller firms to compete with the Big Four.
‘There are other accounting firms that could develop a global capability, similar to the Big Four, but shy away from it because of the increased liability and exposure to lawsuits,’ Castellani told the Financial Times.
One in ten of the UK’s top public companies report on tax strategies, despite a third explaining more about their wider contribution and impact on society, according to Deloitte
Some of the UK’s top companies are failing to adequately report poor performance and sometimes obscure their true profit figures
The UK’s imminent exit from the EU that may now put the audit committee to the ultimate test
Audit tendering has turned from good practice to legal practice under the EU audit reforms