The Insurance Hypothesis and Auditor Limited Liability PDF Download
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Author: Steven Robert Muzatko
Publisher:
ISBN:
Category :
Languages : en
Pages : 212
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Author: Steven Robert Muzatko
Publisher:
ISBN:
Category :
Languages : en
Pages : 212
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Author: Carl J. Pacini
Publisher:
ISBN:
Category : Accounting firms
Languages : en
Pages : 270
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Author: Darryl Lee Brown
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Although many have argued that independent audits implicitly provide clients with a form of insurance (the insurance hypothesis), there is limited empirical evidence to support the existence and magnitude of this function. In August of 2005, after months of intense negotiations and discussions, KPMG entered into a settlement agreement with the Department of Justice, which ended widespread speculation of an impending federal indictment against the audit firm and the notion that the firm would suffer the same fate as Arthur Andersen. We argue that the circumstances surrounding the settlement provide a natural setting to test the insurance value provided by auditors. Our results show that, while BIG 4 non-KPMG client firms earn insignificant abnormal returns, KPMG client firms earn significantly positive abnormal returns during the days surrounding news of the settlement. We show that these positive abnormal returns vary cross-sectionally, and are more pronounced for KPMG client firms in greater financial distress and for those subject to greater litigation risk.
Author: American Institute of Certified Public Accountants. Insurance Companies Committee
Publisher:
ISBN:
Category : Liability insurance
Languages : en
Pages : 598
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Author: AICPA Property and Liability Insurance Companies Task Force
Publisher:
ISBN:
Category : Liability insurance
Languages : en
Pages : 600
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Author:
Publisher:
ISBN:
Category : Insurance
Languages : en
Pages : 210
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Author: American Institute of Certified Public Accountants. Insurance Companies Committee
Publisher:
ISBN:
Category : Auditing
Languages : en
Pages : 14
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Author: Steven Firer
Publisher: GRIN Verlag
ISBN: 3668140472
Category : Law
Languages : en
Pages : 218
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Master's Thesis from the year 2013 in the subject Law - Comparative Legal Systems, Comparative Law, , course: LLM, language: English, abstract: This dissertation recommends that the laws governing the liability of the auditor in South Africa be amended to ensure a sustainable audit function and accordingly a competitive market for audit firms. These amendments must take the form of (a) introducing a monetary cap or ceiling on the quantum of damages that may be claimed by a plaintiff in the event that an auditor is found guilty of a breach of his or her legal duties and obligations in contract and in delict, (b) the provision for auditors to enter into contracts with their clients to limit the quantum of damages that may be suffered by the client as a result of the auditor’s breach of the contract with his or her client, and (c) introducing legislation which, will protect audit partners from personal liability if they did not participate directly in another partner's misdeed or fraud. It is submitted that this dissertation should be viewed as a Revised Project 70 where the South African Law Commission in 1988 investigated the desirability of the limitation of professional persons and the possible regulation thereof by legislation [the conclusion was that there was no justification to limit the liability of any category of professionals by legislation]; which is updated with and including the fundamental and paradigm shifting changes that have taken place in the global markets since then regulators in Australia, United States of America, United Kingdom, Austria, Germany, Greece, Belgium, Slovenia and Australia have removed the prohibition on auditors limiting their liability in relation to work conducted within the statutory audit function. This dissertation explores and analyses whether these significant changes to the legal systems in the United States of America, European Union and Australia would be considered appropriate for implementation in South Africa. The main component of this dissertation is constituted by a comparative analysis of the different civil liability systems for auditors which currently exist in Australia, Germany, South Africa, the United Kingdom and the United States of America. The objective of the comparative analysis was to determine to what extent the different systems of civil liability of auditors which exist in Australia, Germany, United Kingdom and United States of America could be implemented in South Africa. [...]
Author: Reginald Wilson
Publisher:
ISBN:
Category :
Languages : en
Pages : 17
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AICPA Ethics Interpretation 501-8 permits the use of limitation of liability clauses in jurisdictions where they are allowed (AICPA 2013). This study advances Brandon and Mueller's (2006) research to examine the impact of auditor reputation on jurors' perceptions of auditor liability when the client is financially important. The results indicate an auditor's reputation neither significantly impact jurors' evaluation of auditor liability, nor does it significantly reduce the incidence of punitive damages assigned to the auditor. Surprisingly, auditors with a reputation for high quality are punished more harshly following an audit failure in the presence of a limitation of liability clause.
Author:
Publisher:
ISBN:
Category : Auditing
Languages : en
Pages : 264
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