UK government rejects limit on auditors' liability

The UK government has ruled out placing a cap on auditors' liability, despite heavy lobbying from the UK's four largest accountancy firms that claim a limit is essential to maintaining a thriving audit market.

The blow to the firms, which have argued that the current system of unlimited liability makes it more likely that another firm will collapse, following the failure of Andersen's in the wake of the Enron scandal.

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