Accountancy firms push for limited liability
25 March 2008 18:07
Ahead of a change to the Companies Act 2006, accountancy firms are attempting to ensure firms place restrictions on the liability of auditors.
Reports by the Financial Times highlight that the forthcoming change, which comes into force on April 6th, allows businesses to implement limited liability agreements.
"There is a feeling among some that we're all doing well enough without this, but it is classic safety legislation that needs to be there," said John Griffith-Jones, the head of KPMG, one of the Big Four accountancy firms.
"It is a classic case of something that is needed in the interests of London as a financial centre."
Mr Griffith-Jones also stressed that implementation is not necessarily in the interests of any one specific organisation.
A recent legal clause consultation by the Financial Reporting Council, an independent regulatory body, has now closed.
The other members of the Big Four are Ernst & Young, Deloitte Touch tohmatsu and PricewaterhouseCoopers.
Reports by the Financial Times highlight that the forthcoming change, which comes into force on April 6th, allows businesses to implement limited liability agreements.
"There is a feeling among some that we're all doing well enough without this, but it is classic safety legislation that needs to be there," said John Griffith-Jones, the head of KPMG, one of the Big Four accountancy firms.
"It is a classic case of something that is needed in the interests of London as a financial centre."
Mr Griffith-Jones also stressed that implementation is not necessarily in the interests of any one specific organisation.
A recent legal clause consultation by the Financial Reporting Council, an independent regulatory body, has now closed.
The other members of the Big Four are Ernst & Young, Deloitte Touch tohmatsu and PricewaterhouseCoopers.
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