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Auditors' liability to third parties has increased because SOX specifies the scope of third parties to whom an auditor owes a duty of care, and requires accounting firm to issue additional financial reports, add disclosure in financial reports or issue new reports about themselves (Chung et al., 2010). Since third parties could rely on this new information which is not previously required when making investment or credit decisions, it increases auditors' liability to third parties. In addition, SOX has higher penalties for violations of it as compared to previous legislation. This amendment increases significantly the legal liability of auditors practicing in US.

安然案件后的国际反应——International Reactions after Enron Case

In response to SOX, many countries all over the world for example Canada, U.K.., Australia and New Zealand have enacted their legislation. New oversight bodies have been created in U.S. and Canada (Chung et al., 2010). Moreover, the legislation in U.K. and Australia has been modified, and the Institute of Chartered Accountants in New Zealand has issued corporate governance guidelines (Chung et al., 2010). The quick actions taken by countries are to fulfill shareholders' demand after numerous failures on trying to increase the auditors' liability to third parties.

马来西亚安然案件后的反应——Malaysian Reactions after Enron Case

In Malaysia, Malaysian regulators have constructed a more organized and disciplined financial reporting structure to ensure compliance and provide more confidence to the public (MIA Editorial Team, 2002). Hence, Malaysia's auditor liability has increased in post-Enron era.

Nevertheless, numerous fraud events were discovered in local companies such as Transmile, Megan Media and the Port Klang Free Zone in recent years. Thus, then-Prime Minister Tun Abdullah Ahmad Badawi declared the need to set up an audit oversight mechanism to control and administer the financial reporting of the Public Interest Entity (PIE) in his Budget Speech 2008. In year 2010, Parliament of Malaysia has approved the Securities Commission (Amendment) Act 2010 which gives the permission to set up the Audit Oversight Board (AOB).

The AOB's mission is to oversee the auditors of PIE and protect investors' interest by promoting confidence in the quality and reliability of their audited financial statement (Gomes, 2010). Moreover, AOB will ensure that Malaysian regulatory framework for auditors are in line with international practices. The establishment of AOB virtually increases auditors' liability.

5.0 关于审计师责任问题的个人意见——5.0 Own Opinions Regarding the Issue of Auditors' Liability

5.1 增加审计人员责任的影响——5.1 Impacts of Increased Auditors' Liability

Article entitled 'Scope of Auditors' Liability, Audit Quality, and Capital Investment' mentioned that the accounting profession has been facing increasing number of third-party lawsuits since 1960s.

Lawsuits against auditors have resulted in direct financial effects as well as other non-financial effects to the profession and society. Audit firms are experiencing increa本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。