외부감사인의 책임제한

Abstract

The participants' voluntary risk-taking bahavior is necessary to the maintenance and development of capital market. Therefore how to allocate the risks inherent in capital market is the most important factor in putting the liability on external au야tors. For this purpose, an compulsory insurance system can be used to cover the external auditor's liability. 'Proportionate Liability' and 'Capping of Liability' can be utilized to limit or mitigate the external auditor's liability on audit failure from auditor's negligence. Of course, irrespective of the compulsory insurance system, 'Proportionate Liability' and 'Capping of Liability' can be utilized on the above-mentioned matters. In the contractual relationship of company and external auditor, 'Capping of Liability' can be utilized to limit or mitigate the external auditor's liability on audit failure. And between external auditor and investors, 'Proportionate Liability' and can be utilized for the same purpose. In putting the civil liability on audit failure, 'conversion of burden of proof' should not be applied. And the liability of dirrectors and internal auditors should be reviewed under the above-mentioned context, too.