Accounting law

Recent trends in auditors' liability

Recent trends in auditors' liability

Auditors are increasingly involved, in various ways, in the running of companies. Four types of activities can be distinguished: (i) general statutory duties entrusted to auditors by law (e.g. the duty to audit corporate financial statements and issue an opinion on the fairness and accuracy of these statement); (ii) specific statutory duties; (iii) contractual duties (assumed through agreements with clients); and (iv) judicial assignments (e.g. when the auditor serves as a court-appointed expert or manager of a distressed company).

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