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Should auditors be the only ones liable for business collapses? Introduction In most simplistic terms, an audit is the means by which one person is assured by another of the quality, condition or status of a subject matte, which the auditor has examined, which has to be genuinely fair of a and true view. The profession of the audit world is constantly changing, but the main purpose always remains the same - an audit which reports on a company's accounts in accordance with the Company's Act 1985. In the UK economy and indeed the global economy, shareholders confidence in financial information can impact heavily across all areas of the market with an immediate force which can as seen in the Enron and Barings case, wipe off billions off the stock market or increase the value of the company and this is felt throughout the whole global economy. The Problem For an audit to be effective it...

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