Solution-Lowering or raising of audit standards

Lowering or raising of audit standards

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Reference no: EM13558860

Caparo

‘The Caparo case and the requirement for auditors to have compulsory professional indemnity insurance will result in a lowering of the standards of audits of the financial statements of limited liability entities. Also, the requirement of the Companies Act 2006 for all auditors to be registered is creating a monopoly, which cannot be beneficial to people relying on audited financial statements.' Note. The Caparo case is Caparo Industries plc v Dickman and Others.

Discuss whether you consider that the factors cited in the statement above will result in a lowering or raising of audit standards.

Reference no: EM13558860

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Lowering or raising of audit standards

Reference no: EM13558860

Reference no: EM13558860

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