In a report released Monday, the U.S. Chamber of Commerce says the auditing industry is "severely contracted" and that further declines in the number of auditing firms could disrupt U.S. markets. The lobbying group wants lawmakers and regulators to take steps, including tort reform and improvements to liability insurance, to prevent another large auditing firm from imploding. However, some critics say the threat of legal damages is needed to keep auditors on the straight and narrow.
January 24, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
The U.S. Chamber of Commerce wants lawmakers and regulators to take steps, including tort reform and improvements to liability insurance, to prevent another large auditing firm from imploding.
In a report released Monday, the lobbying group says the auditing industry is “severely contracted” and that further declines in the number of auditing firms could disrupt U.S. markets.
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