The Center for Audit Quality has sent a letter to the Treasury Department's Advisory Committee on the Auditing Profession warning that it has not taken sufficient steps to safeguard against the risk of "catastrophic litigation" to auditors.

CAQ executive director Cindy Fornelli (pictured) wrote that the committee's second draft report was a step forward from the initial draft report, but she expressed her concerns that the committee had not paid sufficient attention to liability risks.

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