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The Institute of Chartered Accountants in New Zealand (ICANZ) proposed a policy of proportionate liability...

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Accounting

The Institute of Chartered Accountants in New Zealand (ICANZ) proposed a policy of proportionate liability to replace the country's existing "joint and several liability" approach. Why was the proposal denied?
Multiple Choice
Large auditing firms would be paying proportionately higher damage awards than small firms.
Proportionate responsibility for damages cannot be determined objectively.
Fairness to the defendants was not relevant to ensuring fairness to the injured party.
Such a policy is inconsistent with harmonization of international auditing standards.
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