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.