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:
- Clients who won't pay
- Uncooperative clients
- Fraud/embezzlement defalcation
- Gray tax positions/IRS audits
- 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.