Auditor's boilerplate starts to buckle

With an economic downturn a distinct possibility, Britain’s biggest auditors are being careful to protect themselves when it comes to their client’s financial statements.

Credit insurer Euler Hermes predicted insolvencies will rise 8.3% to 13,492 in 2008, the highest for five years, and auditors don’t want to be caught out for failing to highlight likely trouble. On the other hand, there is the small matter of jeopardising client relations if companies aren’t given the all clear.

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