As a new owner of an accounting firm, you are looking into risk management policies. What exposure does the account firm have to professional liability?

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As a new owner of an accounting firm, you are looking into risk management policies. What exposure does the account firm have to professional liability? If you form a profession corporation, is the Accountant’s liability the same or different when compared to a traditional corporation? What safeguards can you as the owner implement to help reduce liability and/or protect yourself from additional liability?

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An accounting firm is professionally exposed to incur criminal and civil charges in its day to day auditing operations Liability arises where the auditing company work is relied upon by client and oth... View full answer

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