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Big four campaign for cap on auditor liability
The country's biggest accounting firms will today call on Patricia Hewitt for greater protection for auditors against large negligence claims.
However, they are expected to leave their meeting with the trade secretary disappointed.
A report by the Office of Fair Trading concluded that a cap on auditors' liabilities would have a neutral effect on competition.
A Whitehall official told the FT that while the cap would not be introduced in the current bill, ministers may consider the case for it in a competition bill planned for after the next election.
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