As a new owner of an accounting firm, you are looking into risk management policies. What exposure does the accounting firm have regarding professional liability? Is there a type of business organization that you can use to limit professional liability and the liability of the organization or you as the owner? What safeguards can you implement to help reduce liability and/or protect yourself from additional liability? Write a paper laying out your approach and any additional steps will you take?
Assignment Checklist
- Discuss the ethical, legal, and professional responsibilities of an accountant in a professional relationship. Does agency law apply?
- Explain your approach to risk management in your firm. At a minimum consider: business organization, best practices, regulations and laws, code of ethics, professional organizations, insurance, education & training, and cybersecurity.
- Briefly explain risk management.
- For the protection of your clients
- For the protection of the organization.
- For you personally.
- For the other accountants in your firm.
- Briefly explain risk management.
- Respond to the questions in this assignment providing support or evidence for your point of view or argument you are trying to make.
- Tell your readers what action they should take or provide a summary of what the reader should take away from reading/learning about the topic.
- Write your paper in a clear and articulate manner using Standard English.
- Write the paper in your word using a minimum of quotations.
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- Respond in at least a 3-page paper with a separate title and reference page.
- Have three quality references or law cases including the textbook.