Indeed, the Australian government said last year that it would replace the principle of joint and several liability for auditors with that of proportionate liability, and also allow auditors to incorporate.

ECONOMIST: Auditors

The best cap on auditors' liability would be one linked to the size of each client.

ECONOMIST: Auditors

Neither Mr Turner nor Mr Coffee oppose a cap on auditors' liability, however.

ECONOMIST: Auditors

There is no sign that the American government will put a cap on auditors' liability, but the profession will soon start lobbying for one.

ECONOMIST: Auditors

We saw the same selfish arguments rolled out when the New York Court of Appeals considered whether to extend liability to the auditors when executives commit fraud on their watch.

FORBES: Auditors Abandon Investors On Liability Limits

Auditors were afraid of inspections and new liability and started reversing their position on long standing issues.

FORBES: Auditor Rotation Proposal Just More Spin

Two years ago an official review of English company law concluded that auditors should be able to limit their liability.

ECONOMIST: Auditors

Liability is there to deter acquiescence by auditors, says Mr Coffee, not to create a fund to compensate investors.

ECONOMIST: Auditors