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Essay Details:
Essay text:
Because of this expertise, the reports and financial statements that an accountant produces for his clients are considered a fair and accurate reporting of their clients' financial situation.
Clients and third parties use these reports and financial statements to make important decisions. Because of how these reports and financial statements are used, an accountant has a liability to his clients and sometimes to third parties. There is potential liability under:
(1) Common law
(2) Securities Laws
(3) Internal Revenue Code
An Accountant's Liability to his Clients under Common Law
An accountant's common law liability to his client can include:
(1) Breach of contract
(2) Negligence
(3) Fraud
Breach of contract is the failure, without legal excuse, of an account to perform the obligation of the contract between the client and the accountant...
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Common topics in this essay:
- Product Liability
- Accountant'S Liability To Third Parties
- auditor liability
- Liability of Certified Public Accounts
- Liability
- Product Liability Law
- Product Liability
- Data Standards in Public Health
- Limited Liability
- letter of liability
- random liability law
- Product Liability
- Discuss the legal liability of a citizen who believes a law to be immoral and refuses to obey it
- Legal Liability of Parents
- Minimum Standards for Public Consent
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