Discuss the present position regarding auditors’ liability to clients and what steps firms should take to keep legal pay outs to a minimum
Auditors’ Liabilities To Clients
Length: 4 pages (1100 Words)
The present position regarding auditors’ liability to clients and what steps firms should take to keep legal pay outs to a minimum
The necessity to have the yearly, as well as consolidated accounts of certain companies audited by a qualified auditor, is meant to protect the interest of the public. The increased transparency emanating from financial information harmonization following an audit by an independent as well as qualified professional are significant contributors to single market completion. The EU does not have a conventional view regarding the statutory auditors' role, position, as well as the position. Such a conventional view negatively the quality of audit as well as the established freedom and the freedom to offer services in the field of auditing. According to a study was done in 1992, it is important for the auditing service providers to be near the clients. Several measures have been taken to ensure that there is harmonization as well as mutual recognition (Global Public Policy Committee, 2013).
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