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A comparison of auditors’ legal liability in the USA and selected European countries

C. Richard Baker (C. Richard Baker is a Senior Lecturer in the Department of Accounting and Financial Management, University of Essex, Colchester, UK. Reiner Quick is a Professor of Auditing at the University of Essen, Essen, Germany)
Reiner Quick (Reiner Quick is a Professor of Auditing at the University of Essen, Essen, Germany)

European Business Review

ISSN: 0955-534X

Article publication date: 1 June 1996

2732

Abstract

Compares auditors’ legal liability to third parties in several major countries, with principal emphasis on comparisons between the USA and the UK. Public accountants claim that they are being adversely affected by lawsuits brought by shareholders, creditors and other third parties. It has been asserted, without any specific evidence, that increased exposure to legal liability has caused public accounting firms to cease the practice of auditing or go out of business entirely. Details auditors’ legal liability to third parties in the USA and Europe and, in particular, the UK. Concludes by reviewing certain positions taken by the Fédération des Experts Comptables Européens with respect to auditors’ legal liability in the face of European economic and political union.

Keywords

Citation

Baker, C.R. and Quick, R. (1996), "A comparison of auditors’ legal liability in the USA and selected European countries", European Business Review, Vol. 96 No. 3, pp. 36-44. https://doi.org/10.1108/09555349610116753

Publisher

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MCB UP Ltd

Copyright © 1996, MCB UP Limited

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