Liability Risks For Accountants Change Daily
Wealthy clients are much more likely to pursue litigation if mistakes are made, according to an article from Accounting Today. In addition, cyber-liability is a modern threat that will continue to target practitioners.
In the article, author Roger Russell writes, “Client selection, dabbling, and use of engagement letters are issues that can add to or mitigate a CPA’s potential professional liability, according to insurance executives and professional liability lawyers. Cyber-liability is a burgeoning threat that will continue to target practitioners, they warn”.
In this article Russell discusses:
- Know what you’re doing
- Write it down
- Virtual risks
- Disciplinary issues
Russell continues, “The change in filing deadlines for partnerships and C corporations, and the failure of some practice management software to get it right, has created potential liability for accountants filing extensions”.
To read more, see the full article from Roger Russell in Accounting Today.