CEA response to Consultation on auditors’ liability

15 March 2007

The CEA issued its response to the Consultation on auditors’ liability noting that the analysis conducted under the aegis of the EC and the primary conclusions in terms of possible regulatory changes they have led to, have been made essentially from the auditors perspective.

CEA calls for a more holistic approach where liability reform might have a place in the context of a broader package of reforms designed to increase competition, choice and enhance quality and confidence in the audit profession.

Until such a holistic and truly concerted approach between auditors, financial analysts, investors, insurers, and others is adopted at EU level, the current regime which allows Member States the choice to impose caps on liability should prevail.

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