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Comments on the New Dimension of Professional Liability of Auditing Companies
[Některé poznámky k novému rozměru profesní odpovědnosti auditorských společností]

Author

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  • Jan Molín

Abstract

This paper discusses the criminal liability of auditing companies which came into force in the legal system of the Czech Republic on 1 January 2012. It explains new principles of legal regulation concerning criminal liability of corporations and actions against them and it goes on to apply these principles to (unlawful) activity of auditing companies. This paper further offers an overview of potential sanctions that can be imposed on corporations (an auditing company) for unlawful conduct classified as a criminal offence. I also discuss the core of criminal liability of corporations, i.e., the question of culpability or, in other words, conduct of individuals that a corporation is subsequently held responsible for. I also provide an overview of some criminal cases concerning activity of auditing companies.

Suggested Citation

  • Jan Molín, 2012. "Comments on the New Dimension of Professional Liability of Auditing Companies [Některé poznámky k novému rozměru profesní odpovědnosti auditorských společností]," Český finanční a účetní časopis, Prague University of Economics and Business, vol. 2012(4), pages 43-59.
    • Handle: RePEc:prg:jnlcfu:v:2012:y:2012:i:4:id:6:p:43-59
    DOI: 10.18267/j.cfuc.6
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    More about this item

    Keywords

    Criminal liability of corporations; Audit; Auditing company; Statutory auditor; Criminal Act; False auditor's report; Auditorská společnost; Nepravdivá auditorská zpráva; Statutární auditor; Trestní odpovědnost právnických osob; ; Trestný čin;
    All these keywords.

    JEL classification:

    • K14 - Law and Economics - - Basic Areas of Law - - - Criminal Law
    • M42 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Auditing
    • M48 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Government Policy and Regulation

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