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Auditor Liability
Part 1 of Paper
....n the practice of public accounting.
Recently, the AICPA has been lobbying for liability reform in cases
involving negligence or malpractice by public accountants. Opposition to
this lobbying has come from consumer advocacy organizations, trial
lawyers' associations, and state public interest groups to name a few.
(B.... Part 2 of Paper
....igence. The cost of liability is reasonable when compared to
total revenues, and in light of a CPA's public responsibility. Indemnity
insurance spreads risk in the aggregate therefore removing the element of
risk at the firm level. The threat of litigation provides public
accountants with a deterrent against negligent work. Finally, the results
of lawsuits cause the profession itself to implement new standards.
(Bolinger p.54)
The AICPA and its supporters have developed their argument based
on.... |
| Number of words: 2093 - Approximate pages: 8 |
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