Full Disclosure
Apr. 1, 2013
Safety in Numbers
Shareholders in derivative actions increasingly are targeting the auditors. But accountants have formidable defenses.
Until recently, God appeared to have a special providence for fools, drunks, the United States of America - and the accounting profession. Accountants' liability - at least since Arthur Andersen's collapse in 2002 - was an oxymoron, subject mostly to a late afternoon panel at corporate governance seminars.
Until recently. In November, the Federal Deposit Insurance Corporation filed its first suit against the auditors of a failed bank - in Alabama - sin...
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