Attempting to shift financial liability through contractual apportionment of risk is nothing new in certain lines of business, although it typically has not been common practice for the accounting profession. However, the tide seems to be changing, and CPA firms are now experiencing an uptick with clients trying to embed indemnification and/or hold harmless clauses in various agreements with the firm.
No-Cost In-House Expertise Utilize our in-house specialists who have an average of 16 years of experience in risk management and average of over 20 years of experience in public and private practice per individual. CPAs can call a General Loss Prevention hotline as well as specialized hotlines focused on the following areas:
- Accounting & Auditing
Before taking any steps to help a client that may have suffered a fraud or misappropriation of assets, ask yourself the following questions:
- Do I possess the requisite professional competence?
- Do I have the necessary experience/qualifications?
- Will my assistance impair my independence and preclude me serving my client’s attest needs?
- Am I conflicted out?