Emerging Issue - The Effects on Independence of Indemnification, Limitation of Liability, and Other Litigation-Related Clauses in Audit Engagement Letters

Topics:
Audits,
Regulatory issues
Tags:
Audit,
Business Operations,
Clause,
Litigation
Source:
Public Company Accounting Oversight Board

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Overview: The Standing Advisory Group ("SAG") will describe the possible effects of the inclusion of indemnification, limitation of liability, and other litigation-related clauses (collectively referred to as "Litigation-related clauses") in audit engagement letters. The paper will focus on how these clauses relate to the independence and objectivity of the auditor. This briefing paper provides background information about the existing independence guidance, new proposals currently under consideration by other standards-setting bodies, and the types of litigation-related clauses that currently are used.

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Format: PDF | Size: 134KB | Date: Feb 2006 | Pages: 29

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