Bill Michael, UK head of financial services at KPMG, attacked what he described as "unfair", "deep pocket" lawsuits which pay "little or no attention to the balance of responsibility between auditor and management".
"We operate in a highly litigious environment where the balance of risk and reward has driven us to a world of caveats," said Mr Michael. "Any corporate failure or financial loss invariably carries with it the risk of suing the auditor."
Wednesday, 14 July 2010
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