THE HIGH COST OF LITIGATION

A Current Trend Suggesting The Need For Reform

A Current Trend Suggesting The Need For Reform

Before 1995, many industry experts on accounting, among others, believe that excessive environmental issue relating to the accounting profession hinders economic development (eg, AICPA 1992? Gottlieb and Doro show 2002). The Big 6 firms, most affected by the eruption of the trial, issued a position statement in 1992 arguing for a comprehensive reform of the securities laws (Arthus Andersen et al. 1992). Most reforms required by the Big 6 is the elimination of joint and several liability, where the auditor may ...