South Africa: Figuring Out a Path for Auditor Liability

opinion

Johannesburg — THE world's six largest auditing firms - PricewaterhouseCoopers, Deloitte, KPMG, Ernst & Young, Grant Thornton and BDO Spencer Steward - recently combined forces to issue a report about how global financial reporting and public company auditing procedures should be adapted.

The 24-page paper is intended to open the debate about the future of business reporting and to engage all stakeholders. It contains a number of sweeping recommendations, dealing with, among other things, a proposed reform of audit liability, the sustainability of the profession, concentration in the audit market and recommendations on financial reporting.

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