The Italian legal doctrine has recently provided a new interpretation for the legal liability of auditing firms. A qualified opinion report issued by an auditing firm after a voluntary audit does not make the auditor liable in any way, because he is not entitled to undertake any actions and is only allowed to disclose the results of the audit to those who requested it. In addition, if an auditor issues a no-opinion report rather than an adverse opinion, he cannot be held liable for deceiving third parties, provided that he clearly states the reasons which prevented him from expressing an opinion.
The required elements for auditors' legal liability
COSSU F;
2014-01-01
Abstract
The Italian legal doctrine has recently provided a new interpretation for the legal liability of auditing firms. A qualified opinion report issued by an auditing firm after a voluntary audit does not make the auditor liable in any way, because he is not entitled to undertake any actions and is only allowed to disclose the results of the audit to those who requested it. In addition, if an auditor issues a no-opinion report rather than an adverse opinion, he cannot be held liable for deceiving third parties, provided that he clearly states the reasons which prevented him from expressing an opinion.File in questo prodotto:
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