Warning Signs of an Impending Liability Claim

AccountingWEB
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The Ohio CPA Journal has published an in-depth article explaining the likelihood of CPAs being faced with liability claims and how risk can be mitigated.

The article suggests that working with a risk advisor can increase the odds of:

  • avoiding a claim
  • controlling the situation
  • keeping a lid on damages, or
  • prevailing when litigation occurs.

The article explains the expectations of insurance companies, and offers six warning signs of an impending claim:

  1. Clients who won't pay
  2. Uncooperative clients
  3. Fraud/embezzlement defalcation
  4. Subpoenas
  5. Gray tax positions/IRS audits
  6. Divorce or partnership disputes

Take a few minutes to read the complete article and you will surely gain some insight into a complicated and important area of public practice.

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