Auditor liability forum welcomed

THE Institute of Chartered Accountants in Ireland (ICAI) has welcomed this week’s announcement by European Internal Market Commissioner Charlie McCreevy of a consultation forum on auditor liability.

ICAI director of representation and technical policy Aidan Lambe said: “The Commissioner has rightly identified the danger to the markets posed by reduced competition for audit services. This risk is that an audit firm may be driven from business as a result of a large liability claim.”