http://www.gaaaccounting.com/the-auditors-liability-and-risk
http://www.gaaaccounting.com/a-new-auditor-liability-regime-for-south-africa
Section 19 (3) of the Companies Act 71 of 2008 has the impact of ensuring that audit firms and auditors in South Africa operate as unlimited liability companies in which all assets of the auditing firm, as well as personal assets of the partners/proprietor, are at risk if the firm were found to be liable in a court of law. Steven Louw of KPMG states: “In respect of a partnership this has the effect that a “rogue” auditor can bring down not only an entire firm but an entire firm network, as innocent partners are held accountable for the actions of guilty colleagues”.

Oh my word! I wonder why Steven Louw wanted this section in Companies Act amended? KPMG as a whole were negligent at least.
Wonder if there are any attorneys out there to take this on at risk, sure there are plenty of us who have suffered financial loss due to SARS report at least.