ACCA hails Government move on auditor liability

The Association of Chartered Certified Accountants (ACCA) has today welcomed the move by Minister for Trade and Commerce Michael Ahern to refer the issue of auditor liability to the Company Law Review Group.

The ACCA explained that “joint and several liability” means that an auditor could potentially be held personally responsible for losses caused by the actions of others, even the actions of a director of an audit client company.