the sec has declared that uk companies which agree to new proportionate liability rules for their auditors can’t use their financial statements in the u.s.
peterson calls it a “non-surprise:”
the only surprise about the sec’s position — which effectively slams the door on the world’s only remotely influential action affecting the large auditors’ deadly litigation exposure — is that it took so long to arrive.
peterson has long been saying that the big four firms face potentially lethal liability issues. his views are especially worth listing to, considering he’s a former big four attorney. if he’s worried, we should all worry.
continued here: re:balance — jim peterson.
