Tay & Partners: Accountant’s Liability – Is there a Limit for Statutory Audit?
In recent weeks, news outlets had reported high-profile legal suits filed against a leading accounting firm in respect of the statutory audits carried out by the said firm. The legal suits were filed pursuant to alleged negligence, breach of contractual duty and breach of statutory duties. The damages claimed in these legal suits amounted to billions of dollars, which may cause concerns to all auditors. Can the opinions expressed by auditors in statutory audits expose them to civil liabilities?
