Recommendation concerning the limitation of the civil liability of auditors
The European Commission has issued a Recommendation concerning the limitation of the civil liability of auditors. It is accompanied by the publication of an impact assessment for this initiative.
Commission consults on possible reform of liability rules in the EU
The European Commission has launched a public consultation on whether there is a need to reform rules on auditors’ liability in the EU and on the possible ways forward. This follows an independent study on the economic impact of current auditors' liability regimes and on insurance conditions in Member States (IP/06/1307). The Commission has presented four possible options for reforming auditors' liability regimes in the EU and has invited stakeholders to give their views on the issues involved.
The public consultation on possible reform of auditors' liability rules in the EU (known as 'auditors' liability') has been closed on 15 March 2007. The contributions authorised for publication and the summary report are available here.
Forum on Auditor's Liability
- Press release (15.11.2005)
The European Commission has set up a European Forum to gather market players’ views on limiting financial burdens for auditors. The Forum will consider market-led solutions to mitigate litigation risks. The Forum comprises twenty market experts from various professional backgrounds (such as auditors, bankers, investors, companies, insurers and academics) with particular experience and knowledge of the subject.
Study on Auditors' Liability
The European Parliament and the Council invited the European Commission, under the Statutory Audit Directive (Directive 2006/43/EC), to analyse the economic impact of current EU rules on auditors' liability regimes and the insurance conditions in Member States. The analysis should focus on the impact for capital markets. As a first preparatory step, the Commission Services have commissioned the consultancy firm London Economics to study these issues on an EU-wide scale. The preparation of the study has been accompanied by the creation of an Auditors Liability Forum composed of market experts.
- Study on civil liability of statutary auditors (15 January 2001)
- "Green Paper on the role, the position and the liability of the statutory auditor within the European Union", European Commission, 1996
- "Act of the conference on the role, the position and the liability for the statutory auditor in the European Union", 1996
- Address to the Global Public Policy Symposium , given by the Commissioner Charlie McCreevy at the Global Public Policy Symposium on 20 October 2005