An Analysis of the Auditors' Liability to Third Parties in Australia

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Title An Analysis of the Auditors' Liability to Third Parties in Australia
Author Nguyen, Vylan; Rajapakse, Pelma Jacinth
Journal Name Common Law World Review
Editor Professor David Clarke, Professor Keith Stanton
Year Published 2008
Place of publication United Kingdon
Publisher Vathek Publishing
Abstract The purpose of this research paper is to provide a comprehensive analysis of the scope of auditors' liability to third parties in Australia. In addition to examining the current legal position in Australia, the law on auditors' liability in other jurisdictions, including the United Kingdom, United States, Canada and New Zealand, will be examined and compared to the extent of their influence on Australian laws. It is argued that auditors in Australia are subject to a greater scope of liability than in other countries. As a result, there is a need for reform of audit laws in Australia to limit the extent of auditors' liability. Further, it is submitted that the development of future auditing laws in Australia should allow for the appropriate consideration of international trends in limiting liability. It is also anticipated that the proposed reforms will adequately safeguard auditors from the threat of litigation by third parties, and ultimately ensure that the floodgates for liability in Australia are not opened to an indeterminate level.
Peer Reviewed Yes
Published Yes
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Copyright Statement Copyright 2008 Vathek Publishing Ltd. The attached file is reproduced here in accordance with the copyright policy of the publisher. Use hypertext link to access the publisher's webpage.
Volume 37
Issue Number 1
Page from 9
Page to 44
ISSN 1473-7795
Date Accessioned 2008-06-30
Language en_AU
Faculty Griffith Business School
Subject PRE2009-Commercial and Contract Law
Publication Type Journal Articles (Refereed Article)
Publication Type Code c1a

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