Gestaltung der Abschlussprüferhaftung – Implikationen theoretischer Modelle

Business scandals such as Enron, WorldCom or Parmalat have sparked intense discussions on the quality of corporate governance as well as the trustworthiness of statutory auditors. It is therefore no surprise that regulators have issued a large number of new regulations concerning auditing. The civil liability of external auditors has not changed in Germany, but such changes have already been announced by the German government. An increase in the existing liability cap in cases of negligent misconduct and extended third-party liability are planned. As a consequence, the results of analytical research on this topic are highly relevant. This paper summarises and comments on prior analytical research, in particular its assumptions and results, and focuses on important elements for the design of a liability regime. To this end, the paper addresses the questions of joint–and-several vs. proportionate liability rules, negligent vs. strict liability regimes, the extent of third party liability, and limited vs. unlimited liability.