Critics see that as special pleading after all, the whole point of auditing financial statements is to give some form of guarantee that they are credible.But the unintended consequence of litigation run amok, argues the profession, is that audit quality is worse.
"The disagreements among the parties concerning the likely course, outcome, and consequences of continued litigation," Judge Posner said, "as well as the implications and ramifications of alternative terms of settlement, are too deep-seated to be bridged".
After more than four months, it is apparent that the disagreements among the parties concerning the likely course, outcome and consequences of continued litigation, as well as the implications and ramifications of alternative terms of settlement, are too deep-seated to be bridged.
Studies like this didn't reveal much about the consequences of malpractice litigation because they didn't pin down the consequences of malpractice itself.
Laws and regulations often followed the footsteps of litigation, and where laws and regulations preceded litigation, often only enforcement came about as a result of litigation.
Whether or not these facts are true or a collection of unreliable memories, the purpose and consequence of the litigation in Lawrence does not change: the Constitution prohibits the government from intruding on and punishing the private, consensual intimate relations that we have.
It has balanced the risks, timing and consequences associated with many years of litigation against its wish for the company to be able to set a clear course for the future," he added.
"But as we attempt to move forward, we are beset by the debilitating consequences of our candor: opportunistic litigation and the disruption of belated legislative hearings which -- however well motivated -- will, by forcing us once again to reinhabit the past, necessarily hinder our efforts to move forward.
Jeremy Marshall, chief investment officer of Bentham Europe, said: "The prospect of litigation is a necessary consequence of the apparent failure of Tesco's former management to protect their shareholders from avoidable losses.
The consequence might be nothing more than yet another round of litigation.
