D&O, Auditor Liability To Increase
Washington lawmakers have begun working on proposals to make accountants more accountable for their clients miscalculations. But even before such bills get debated, the ripple effects of the Enron collapse might put corporate directors and officers in the courtroom more often, legal experts warned at a recent seminar.
Not only are auditors now pushing for more accounting restatements, which in turn precipitate stock drops and prompt securities lawsuits, but there is an increased likelihood that such lawsuits will survive motions to dismiss them as a consequence of recent events, they said.
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