A Crisis of Identity? Juxtaposing Auditor Liability and the Value of Audit
Despite attempts to find appropriate regulatory solutions, the issue of the civil liability of statutory auditors and the perceived need for some form of liability limitation continues to evoke divergent views and reactions. The analysis in this chapter indicates that such divergence is characteristic not just of the positions taken by various stakeholder groups but also of the differences in the nature and scope of auditor liability regimes adopted in individual countries. This chapter uses such analysis to suggest that the auditor liability debate and the continuing search for a regulatory solution has potentially hindered more focused consideration of the professional identity of auditors, their capacity to meet public expectations and the extent to which such capacity (and achievements) varies across countries and the differing cultural contexts in which auditors work.
KeywordsEuropean Union Liability Limitation Audit Firm Civil Liability Audit Opinion
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