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Liability of Certified Public Accounts
Essay specific features
Written by:
Otto K
Date added:
December 2, 2016
Level:
University
Grade:
A
No of pages / words:
5 / 1365
Was viewed:
3607 times
Rating of current essay:
Essay content:
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...
displayed 300 characters
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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...
displayed 300 characters
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